Another one bites the dust: Alba Tour was the second travel agency to go bust in July
Legislating on in vitro is dividing the ruling party
3, 11
WWW.WBJ.PL
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VOLUME 18, NUMBER 29-30 • JULY 23 – AUGUST 6, 2012 . z∏.12.50 (VAT 8% included) . ISSN 1233 7889 INDEX-RUCH-332-127
LOKALE IMMOBILIA
Since 1994 . Poland’s only business weekly in English
A Polish education
REAL ESTATE
AT/WBJ
Polish MBA programs are becoming increasingly popular, international, and connected with the business world
• Allotment gardens • Wilanów commercial space • Residential in focus: Second homes
12-13
Interview: Barbara Kudrycka Poland’s minister of science and higher education talks about boosting cooperation between academia and business 8-9
SHUTTERSTOCK
In Focus:
Warsaw’s Museum of the History of Polish Jews 10
In this issue
SHUTTERSTOCK
News . . . . . . . . . . . . . . . . . . . . . . .2-4 Business . . . . . . . . . . . . . . . . . . . .5-6 Finance & Economics . . . . . . . . . . .7 Interview . . . . . . . . . . . . . . . . . . . .8-9 Society . . . . . . . . . . . . . . . . . . . . . .10 Opinion & Analysis . . . . . . . . . . . .11 Cover Story . . . . . . . . . . . . . . . .12-13 Lokale Immobilia . . . . . . . . . . .14-17 The List . . . . . . . . . . . . . . . . . . .18-19 Markets . . . . . . . . . . . . . . . . . . . . . .20 Sports . . . . . . . . . . . . . . . . . . . . . . .21 Lifestyle . . . . . . . . . . . . . . . . . . . . .22 Last Word . . . . . . . . . . . . . . . . . . . .23
Sawicki resigns
Chemical romance
Allegations of corruption cost the agriculture minister his job 3
State-controlled Azoty Tarnów has bid for Pu∏awy, to help ward off unwanted interest from Russia’s Acron
5
NEWS
www.wbj.pl
was the level of inflation in Poland in June.
0.1 percent was the year-on-year increase in private-sector employment in June.
32 percent is the level of support for the ruling Civic Platform party, according to a July TNS OBOP poll.
z∏.3,754.48 was the average gross monthly salary in the private sector in June.
Quote of the Week
“Would we be able to explain what joins us apart from power?” Prime Minister Donald Tusk asked the question of Civic Platform MPs at a party meeting, reported Newsweek, which obtained a copy of the proceedings. In recent weeks, PO MPs have appeared increasingly divided on issues such as the in vitro fertility procedure, same-sex civil unions and financing for the church.
Figures in focus Mixed marriages Percentage of selected EU27 countries' citizens involved in mixed marriages*, 2008-2010 25 *Mixed marriages are defined as those in which one partner is native-born and the other was born abroad **Highest in EU27 ***Lowest in EU27
20 15
Warsaw Uprising ‘44 Few events in Poland’s history can match the tragedy and heroism of the Warsaw Uprising. With the 68th anniversary falling on August 1, WBJ’s sister publication Warsaw Insider follows the ghosts of the past. Log on to WBJ for a glimpse at the capital’s darkest hours.
11.8
4.0 0.1
5.1
5.4
1.3
2
Web:
Location: Contact:
Arabian Horse Days are an annual event dedicated to Polish Purebred Arabian Horses organized by the Polish State Studs in Janów Podlaski, Micha∏ów and Bia∏ka to honor the Polish Arabian Horse breeding program.
Janów Podlaski prideofpoland.pl
SEPTEMBER 4-6 ECONOMIC FORUM Event:
10-14 ARABIAN HORSE DAYS Event:
via
*
ia
Lat
Company index Acron ..................................5 Inpro ..................................15 PKO BP ..........................5, 7 Africano Travel....................6 J.W. Construction ............14
Poczta Polska ....................5
AGS Architekten ..............14 JEMS Architekci................17 Polimex Mostostal ..............5
Amber Room ....................22 Themeworld Wizards........14 Polnord..............................17 P∏askowicki & Partnerzy
Location:
The Friends of the Children’s Hospital on Litewska foundation will receive the money collected from the charity volleyball tournament to buy hospital equipment for newborns and prematurely born babies. The money will also go towards Jasiek Mel’s foundation Beyond Horizons, for money for psychological support of amputees. La Playa Music Bar, Warsaw weronika.kurnatowska@eu.jll.com
on
Source: Eurostat
Asseco Poland ....................6 Las Palm ..........................14
AUGUST
Event:
Est
Fra
nce
an y
0
Ambra group ......................5 KGHM ................................12
August/September CHARITY REAL ESTATE BEACH VOLLEYBALL TOURNAMENT
15.8
11.2
Alba Tour ............................6 Joravision
DATELINE
20.7
8.8
10
UK
Zofia Ró˝alska
On WBJ.pl
Modlin Airport’s difficult first day Twelve people failed to check-in and consequently missed their flights during the first day of operations at the newly-opened Modlin Airport on July 16, due to a bottleneck at security. Modlin is Poland’s first airport geared solely to low-cost air travel. ●
take place around Warsaw each year around August 1 to commemorate the anniversary, and remind those who participate of the bloody struggle to liberate the capital. This year celebrations begin on July 28 with a Warsaw Uprising run, which involves participants running along a historic route that will take in sites and locations connected to the battle for Warsaw. A traditional minute of silence will be observed on August 1 at the exact moment the Uprising began, while August 4 will see an annual bike rally held to commemorate the fallen. The Warsaw Rising Museum also has a variety of ongoing exhibitions and events to mark the occasion.
5
Euro 2012 exceeded expectations This summer’s Euro 2012 soccer tournament has been declared a great success by UEFA and local organizing body PL.2012. During the three-week event a total of 600,000 foreign fans traveled to Poland and spent some z∏.900 million. Original forecasts had estimated figures of around z∏.768 million, while it had been suggested as few as 500,000 foreign tourists would come to Poland.
capitals to be liberated from Nazi occupation. However, various military and political miscalculations, including the controversial failure of Soviet forces to aid the Polish fighters, meant no outside help was forthcoming and the Uprising subsequently failed. Following the end of the Uprising, SS leader Heinrich Himmler declared, “The city must completely disappear from the surface of the earth and serve only as a transport station for the Wehrmacht. No stone can remain standing. Every building must be razed to its foundation.” This plan was carried out by Nazi forces and by January 1945 had led to the destruction of some 85 percent of the city’s buildings. Nowadays various events
rm
August 1 marks the 68th anniversary of the start of the Warsaw Uprising, a heroic and tragic struggle to liberate Warsaw from Nazi occupation during World War II. Led by commander Tadeusz “Bór” Komorowski, fighters from the Polish resistance Home Army emerged from hiding at 5pm, a time now known by Poles as “W hour.” Originally meant to last just four days, until the hoped-for arrival of Stalin’s Red Army could help fight-off Nazi troops, the ultimately unsuccessful battle went on for 63 days and led to the deaths of between 150,000 and 200,000 Poles, including both resistance fighters and civilians. If the operation had been successful, Warsaw would have been one of the first European
Ge
Users of certain Polish media websites will be charged a monthly fee for accessing “premium” online material from September, when a group of seven major media in Poland plan to launch in full an integrated paywall scheme. The seven, who represent 27 national and regional newspapers, 14 magazines and Poland’s national public radio, are joining Piano Media’s national online commonpayment system. Readers will have to pay z∏.19.90 to access material from the 42 different media outlets.
4.3 percent
Sp ain
Polish media to charge online readers
Numbers in the News
Ita ly
Poland flags and posters of a Polish candidate for local elections were burnt on bonfires in Belfast on July 11. The Polish Association of Northern Ireland has called the burning of Polish flags “racist intimidation,” BBC reported. Maciej Bator, the association’s executive director, said he worries that the citywide burning of Polish flags and posters could lead to violence against the Polish community.
IN THE SPOTLIGHT 68th anniversary of the Warsaw Uprising
Ro ma nia *** Po la Cz ech nd Re pu blic
Polish flags burned in Belfast
JULY 23 – AUGUST 6, 2012
COURTESY OF WIKIMEDIA COMMONS
2
Location: Web:
The Economic Forum in Krynica, Poland, held annually since 1991, is a significant event in Central and Eastern Europe. Its mission is to create a favorable climate for the development of political and economic cooperation between the EU and neighboring countries. Krynica is an important point on the political map of the world where the East meets the West. Every year it is attended by over 2,500 guests – the leaders of political, economic and social life and over 500 journalists from around 60 countries from Europe, Asia and America. It is the largest event of its kind in Eastern and Central Europe. Krynica Zdrój forum-ekonomiczne.pl
Azoty Tarnów ......................5 Lotos ..................................6 Architekci ..........................14 Bank Pocztowy ..................5 Makro Cash & Carry ........15
Robyg ................................17
BBC ....................................2 Mazowiecka Spó∏ka Black Lion NFI..................14 Gazownictwa ......................5
Skanska
BRE Bank......................5, 12 Metro Group......................15 Property Poland................16 CBRE ................................14 Metro Properties ..............15 Sky Club ..............................6 CEE Property Group ........15 Mielno Holding Colliers International ......17 – Firmus Group ................15 Sygnity ................................6 Cushman & Wakefield ........15 MRE-WREP ......................15
Synthos ..............................5
Elewarr ..............................3 NowyGaz ............................5 Enea ..................................12 Ouya ..................................23
Tauron ..............................12
Gazprom..............................5 PBG ....................................5 TomTom ..............................4 Grupa PHN ......................15 Pebble Technology............23 Vekoma Rides GTC....................................17 PGE ..............................8, 12 Home Broker ....................15 PGE EJ1 ..............................8 Manufacturing ..................14 ICBC ..................................14 PGE Energia Jàdrowa ........8 X-Trade Brokers DM ....7, 20 IDMSA ................................5 PGNiG ............................5, 6 Imaginary
PGNiG Norway....................6
Zak∏ady Azotowe Pu∏awy....5
Marching Band ................23 PKN Orlen ..........................6 Zdrojowa Invest ................15
NEWS
JULY 23 – AUGUST 6, 2012
www.wbj.pl
Poles help UK set population record
Ministerial resignation
Agriculture minister resigns On July 18, Prime Minister Donald Tusk formally accepted the resignation of the nowformer Agriculture Minister Marek Sawicki, following the public airing of a video recording which suggested corruption had taken place in his ministry. Mr Sawicki, who is a member of junior coalition partner the Polish People’s Party (PSL), denied having been involved in any wrongdoing, but the media furor which followed the release of the recording, coupled with pressure from colleagues in his party, likely forced his hand. The recording, released by newspaper Puls Biznesu, features W∏adys∏aw ¸ukasik, former head of the governmental Agriculture Market Agency (ARR), discussing alleged cor-
ruption within the Agriculture Ministry, which supervises the ARR, with W∏adys∏aw Serafin, head of the National Union of Farmers and Farmers’ Associations (KZRKiOR). The men discussed nepotism, the abuse of public property and various other nefarious activities. The ARR, among other tasks, distributes state and EU funds. In response to the scandal, the European Commission has requested clarification from the Polish government on the issue.
COURTESY OF THE EUROPEAN PARLIAMENT
Prime Minister Donald Tusk has stepped in to oversee investigations into alleged corruption within the Agriculture Ministry
Tusk ‘no super-auditor’ While accepting Mr Sawicki’s resignation, the prime minister fended off accusations that he had been made aware of corrupt practices in state-controlled agricultural firms but had failed to react. “While taking full political responsibility for the government and ministers, I am not able to transform myself into a super-auditor,” said Mr Tusk. As WBJ went to press, the PM had promised to investigate the situation thoroughly in
Former Agriculture Minister Marek Sawicki resigned on July 17 over allegations of corruption within his ministry Agriculture Ministry, which his party runs as part of the coalition agreement. However, the PM had rejected the proposal, confirming that he would be running things for some time. “That is a signal that the prime minister has more information about improper goings on than we could learn from
state agencies and entities operating under the auspices of the Agriculture Ministry, which he will personally be supervising for at least a few weeks. Waldemar Pawlak, PSL leader, deputy PM and economy minister, told reporters that he had been ready to propose a new candidate to head the
the recordings. ... That would mean that the situation is even more serious,” said Mr Pawlak. As WBJ went to press, the Central Anti-Corruption Bureau had launched an investigation into Elewarr, one of the firms mentioned in the now-infamous recording. Remi Adekoya
Mitt Romney to meet with Lech Wa∏´sa in Poland? to Mr Romney, as well as unnamed Polish sources. Mr Wa∏´sa, who was awarded the Nobel Peace Prize in 1983 for his role as the leader of the Soviet bloc’s first independent trade union, Solidarity, had refused to meet President Barack Obama when he visited Poland in May 2011. At the time the Polish press widely interpreted Mr Wa∏´sa’s decision as a rebuff,
which he made because he had been offered to meet the US president as part of a group of other Polish officials rather than one-on-one. More recently, the White House failed to invite Mr Wa∏´sa to Washington on May 29, to see World War II resistance fighter Jan Karski posthumously awarded the Presidential Medal of FreeAnthony Adams dom.
US presidential candidate Mitt Romney
In vitro fertilization
In vitro divides ruling party Discussions about how the fertility procedure should be legislated have brought to light stark ideological differences between members of Prime Minister Donald Tusk’s Civic Platform Members of Poland’s ruling Civic Platform (PO) party have reached an impasse in their attempts to decide on the legislative direction the party will take regarding the in vitro fertility procedure. In vitro, which is currently unregulated in Poland’s legal system, has revealed deep divisions within PO. “Would we be able to formulate the essence of what joins us, apart from power, since we don’t share the same views on in vitro, domestic violence, civil unions, financing
the church and abortion?,” Prime Minister Donald Tusk asked Civic Platform MPs at a party meeting, reported Newsweek, which obtained a recording of the proceedings. The meeting was the culmination of weeks of bickering within the ruling party, which had sought to choose decisively between two different draft bills for regulating in vitro. One is deemed more liberal and the other more conservative. The more liberal bill, designed by Ma∏gorzata
Kidawa-B∏oƒska, deputy leader of PO’s parliamentary club, calls for in vitro to be allowed in the case of single mothers and unmarried couples, as well as for those already in wedlock. Ms Kidawa-B∏oƒska also wants to introduce the possibility of freezing embryos, which allows parents to use the embryo at a later date. Meanwhile the more conservative bill, drawn-up by Justice Minister Jaros∏aw Gowin, allows for in vitro only in the case of married couples, and rejects outright the freezing of embryos.
Mixing fire and water After being unable to find a
In 2011 The UK’s population reached a record level of 56.1 million. Immigration from Poland may have have helped to set that record, as Polish census data show that nearly two million Poles resided permanently outside their country in 2011, a third of whom emigrated to the UK. While immigration and a rising birth rate are set to make the UK the most populated country among current EU members by 2060, Poland is seeing its own population shrink. Poland’s population went down from 37.4 million in 2002 to 36.6 million in 2011.
Tornadoes hit Poland One person was killed and 11 others injured after a series of tornadoes ripped through northern and western Poland in midJuly. The extreme winds hit the KujawskoPomorskie, Pomorskie and Wielkopolskie voivodships, destroying dozens of homes, damaging power lines, and flattening 550 hectares of the Tuchola Forest.
Poland to get new US ambassador
COURTESY OF FLICKR/MARKN3TEL
As WBJ went to press, the campaign team of Republican party presidential candidate Mitt Romney was reportedly seeking to schedule a meeting for the US politician with former Polish President Lech Wa∏´sa, during a trip to Europe planned for July. The report appeared on the website of US political journalism organization Politico, which cited unnamed sources close
3
majority of PO MPs to support either one of the bills, the party’s parliamentary club decided to create a team to work on creating a compromise in vitro bill, a feat which political observers have described as “trying to mix fire with water.” “The team will work till the end of August or the beginning of September,” Rafa∏ Grupiƒski, the head of PO’s parliamentary club, told journalists. Meanwhile Jaros∏aw Kaczyƒski, leader of opposition party Law and Justice, after initially calling for in vitro to be made illegal and for people who practice it to be imprisoned, has now called
for a “round-table” discussion on the subject. Mr Kaczyƒski has suggested that he sees eye-to-eye with Mr Gowin on the issue, a stance generally perceived as an attempt to exploit divisions within PO. The PM addressed this issue during his meeting with his party’s MPs, telling Mr Gowin that he needed to react to Mr Kaczyƒski’s overtures by showing some “PO patriotism.” “I once said that he whom Kaczyƒski praises will quickly lose reasons for being in PO,” said the PM in what was interpreted as a direct, if slightly veiled, threat to the justice minister. Remi Adekoya
US President Barack Obama has nominated Stephen Mull, a career diplomat, as the new US ambassador to Poland. He will replace Lee Feinstein, who has been his country’s ambassador in Warsaw since 2009. Mr Mull was the US ambassador to Lithuania from 2003 to 2006 and served as an executive secretary at the Department of State before his appointment.
Prices of food to grow Food prices will rise by about 6% this year, predicts the Polish Federation of Food Industry (PFP˚). The figure might be accelerated by the spiraling price of grain. This, in turn, is expected to raise the price of bread, cereal and meat, said Andrzej Gantner, head of the PFP˚. ●
4
NEWS
www.wbj.pl
JULY 23 – AUGUST 6, 2012
Urban transport
Polish minority in Lithuania
Warsaw ranked Sikorski wants Polish-Lithuanian ‘reset’ Europe’s capital of traffic The Polish capital came ahead of London, Paris and Rome in a Europewide ranking
Poland is ready for a “reset” in its relations with neighboring Lithuania, Polish Foreign Minister Rados∏aw Sikorski told reporters in early July. “We have been ready for a reset for the last 20 years, patiently waiting for Lithuania to fulfill the provisions of our treaty on friendly relations,” daily Rzeczpospolita quoted him as saying. “We hope that as a European country, Lithuania proves its determination to treat its minorities in a civilized manner,” he added. Tensions have grown again between the two countries after Lithuania’s Central Electoral Commission adjusted the boundaries of electoral constituencies in the Vilnius region in July, ahead of parliamentary elections this autumn. The region around the capital has the highest concentration of ethnic Poles in Lithuania, and while the Electoral
Warsaw is the European leader in terms of traffic congestion, according to a new report by GPS manufacturer TomTom. The Polish capital was ranked ahead of major cities including London, Paris and Rome in the report which compared overall travel times during non-congested periods with travel times in peak hours. The difference between the two times was expressed as a percentage and decided each of the 31 European cities’ place in the ranking. Warsaw was found to have a congestion percentage of 42 percent, just ahead of the French coastal city of Marseille, with 41 percent. Rome (34 percent), Brussels (34 percent) and Paris (32 percent) were the next-ranked cities. In peak hours it takes on average 89 percent longer to get to any destination in Warsaw than it does outside peak
COURTESY OF MSZ
Poland’s foreign minister has called on Lithuania to treat its Polish minority “in a civilized manner”
Tensions had been growing before Sikorski’s statement Commission claims that its decision is justified by demographic changes, the Electoral Action of Poles in Lithuania (EAPL) argues that the changes are unfavorable to Poles who live there. Lithuanian Prime Minister Andrius Kubilius took a positive step towards reseting relations on July 19, telling the Polish Press Agency after a meeting with his Polish counterpart Donald Tusk, that a “more rational perception of
problems and a more rational tone between governments” would soon be taken. Relations between Poland and Lithuania have been strained in recent years, over arguments such as whether Poles in Lithuania should be allowed to use Polish characters in their passports and over the amount of schooling Polish students in Lithuania should be required to have in the Lithuanian language. Anthony Adams
hours. This is compared to 81 percent in Marseille and 76 percent in third-placed Rome. Drivers in Warsaw were also found to be delayed by up to 52 minutes per hour during the peak morning and evening rush hours. “On average people in Warsaw spend 14 days a year waiting in traffic and use the equivalent of 10 fuel tanks of petrol when not moving, which costs z∏.3,500, the same as the average monthly salary,” said Magdalena Marciniszyn, TomTom’s
trade marketing manager for Eastern Europe and Russia. Regarding the key factors behind the capital’s traffic problems Maciej Nadstazik, national sales manager at TomTom, said, “Warsaw is a compact city. Public transport such as a new metro line is still being constructed and there has been an increase in recent years in the number of cars, with an average of two cars per family, all of which has increased congestion in the city.” David Ingham
City congestion Top-10 European cities for traffic congestion during rush hours Rank
City
Congestion (%) Morning peak (%) Evening peak (%)
1
Warsaw
42
89
86
2
Marseille
41
79
81
3
Rome
34
76
66
4
Brussels
34
82
86
5
Paris
32
72
63
6
Dublin
30
70
62
7
Bradford-Leeds
28
63
60
8
London
27
48
50
9
Stockholm
27
65
62
10
Hamburg
27
49
42 Source: TomTom
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BUSINESS
JULY 23 – AUGUST 6, 2012
www.wbj.pl
Chemicals
Azoty Tarnów bids for Pu∏awy stake Shareholders of Polish statecontrolled chemicals maker Azoty Tarnów approved in mid-July a giant share issue which it will use to raise capital to buy a stake in domestic rival Zak∏ady Azotowe Pu∏awy. Analysts believe Tarnów is bidding for Pu∏awy – also state-
“The Treasury is reluctant to allow large Polish assets to fall into Russian hands” controlled – to help ward off unwanted interest from Russian chemical company Acron. Led by the state, Tarnów shareholders granted the company’s board an option to raise its capital by up to 75 percent, by offering new shares exclusively to shareholders of Pu∏awy.
Shareholder approval came just one day after Tarnów launched a cash bid for 32 percent of Pu∏awy and only two days after Russian Acron hiked its hostile takeover bid for Tarnów by 25 percent. The offer for Pu∏awy, which is itself a takeover target of local rival Synthos, will protect Tarnów from the Russian firm’s unsolicited takeover bid, whose deadline it has extended several times. “This offer can’t be considered without taking the Acron bid into account – this certainly influenced the board of Tarnów,” said Kamil Kliszcz, analyst at BRE Bank’s brokerage house. “However, while the Acron bid probably influenced the schedule of the offer, Tarnów was likely considering such a move earlier … for business reasons,” he added. The Treasury remains opposed to the prospect of Acron acquiring Tarnów, despite having tried for years to privatize state-controlled
Road spending to fall
The Treasury doesn’t want Acron to take over Azoty Tarnów chemical companies. “My position with regards to the offer is wholly negative, no matter what happened today,” Treasury Minister Miko∏aj Budzanowski told reporters after the Russian firm raised its offer. The Treasury is reluctant to allow large Polish assets to fall into Russian hands
because of the strategic influence it could give the Kremlin. An Internal Security Agency (ABW) report leaked to Rzeczpospolita warned the government earlier this year that if Acron were to purchase Tarnów, it could prevent the Polish firm from using any gas supplier other than Russia’s Gazprom.
Although it looks likely to fail in its bid to buy Azoty Tarnów, Acron did manage to purchase 12.03 percent in the firm, paying z∏.347 million. The purchase, which increases Acron’s holding in the company to over 13 percent, makes the Russian firm the biggest industry investor in Gareth Price Azoty Tarnów.
Construction
Government divided over help for bankrupt PBG The Treasury is pushing for state support for the troubled construction firm, while the finance minister has called for a freemarket approach Different ministries in the Polish government have revealed contradictory views on the course of action they feel should be taken over bankrupt builder PBG. Treasury Minister Miko∏aj
Budzanowski, Economy Minister Waldemar Pawlak and Finance minister Jacek Rostowski have all offered different solutions, from bailouts to a fully free-market approach. “We will either decide to grant state support [to PBG] worth z∏.385 million, which requires the approval of the European Commission and that will take a few months. The other option is that ARP [a state-agency] takes over some subsidiaries of PBG,” Mr Budzanowski told Reuters. Meanwhile Mr Pawlak has
proposed that the government should buy bonds from troubled construction companies, many of whom became indebted due to their involvement in Euro 2012 infrastructure projects. On the other end of the solution spectrum for the troubled builder, Finance Minister Jacek Rostowski has said that the government should refrain from involving itself. “Poland has a free market economy, in which companies fare well. This is how we have been building our national wealth over
the last 20 years,” he told reporters.
A struggling sector PBG filed for bankruptcy in June after it overextended itself due to its involvement in Euro 2012 construction projects. The group’s debt at its 12 crediting banks is worth z∏.1.7 billion, according to Kinga BanaszakFilipiak, a spokesperson for PBG. Polimex Mostostal, another construction firm plagued with financial woes, has submitted “business proposals” to the
state industrial development agency ARP, reports Reuters, quoting the company’s spokesperson. It remains undisclosed whether these proposals include any requests for stateaid. “The construction sector is in a very difficult situation. Without government aid, the situation will only get worse, [although] state-aid will probably not suffice to rescue PBG,” said Andrzej Bernatowicz, analyst at brokerage house IDMSA. Anthony Adams
Banking
Gas monopolist fined for PKO BP eyes full stake in Bank Pocztowy abusing market position The potential sale could earn Poczta Polska a muchneeded z∏.300 million, and give PKO access to a niche market
Poland’s largest lender, statecontrolled PKO BP, wants to buy a full stake in Bank Pocztowy, the Polish Post’s (Poczta Polska) financial subsidiary. PKO currently holds a 25 percent stake in Bank Pocztowy but wants to expand its holding as part of a strategic partnership deal with Poczta Polska, it wrote in a statement. The idea would involve PKO buying a 75 percent stake and signing a long-term agree-
ment regarding the sale of its financial products at postal facilities across the country. The Treasury, which oversees state assets, praised PKO BP’s proposal, with Treasury Minister Miko∏aj Budzanowski saying the lender was taking “a step in the right direction.” The deal would make good financial sense for Poczta Polska, since it would earn the postal service anywhere from z∏.240 million to z∏.300 million, analysts say. It could use this to introduce much needed changes to make it more competitive in the increasingly liberalized postal sector. “To be ready for the rules that will increase Poczta Polska’s competition from 2013,
Poczta Polska to invest z∏.800 million Poczta Polska (the Polish Post) is planning widespread investments totaling z∏.800 million by 2015, Parkiet reported. Poland’s national postal service is investing in a major overhaul of its IT, logistics and transport systems, as well as the look of its branches. This year alone, the company plans to spend z∏.272 million on changes, about z∏.170 million more than in 2011.
SHUTTERSTOCK
The firm is hoping to ward off unsolicited interest from Russia’s Acron
5
it needs this capital,” said Micha∏ Sobolewski, analyst at brokerage house IDMSA. “Its core business will be under severe pressure.” Bank Pocztowy has significant potential, since it operates in a niche sector, serving Poles who live in the country’s smaller urban areas. It has 8,300 outlets throughout Poland. “Bank Pocztowy serves smaller towns of below 50,000 people which are neglected by most banks, while Poczta Polska has micro branches in its existing post offices, so the cost of reaching customers will be way below the cost of a standard branch,” said Mr Sobolewski. Gareth Price
The Office of Competition and Consumer Protection (UOKiK) has levied a z∏.60 million fine on state-owned gas monopoly PGNiG for abusing its dominant position in the Polish gas market. PGNiG has a 98 percent share of the Polish market when it comes to the sale of natural gas. The case dates back to 2010, when UOKiK received information that privately owned NowyGaz had been refused access to the distribution system of Mazowiecka Spó∏ka Gazownictwa, a subsidiary of PGNiG. NowyGaz had wanted to distribute gas to corporate and individual consumers but the monopolist refused to make the sale, citing
formal and technical issues. “The effects of practices which are not allowed were felt by the end receivers of gas who, according to the current regulations, should have a choice of gas supplier and also the possibility to replace that supplier. In this case they could only buy gas from PGNiG whereas the presence of other suppliers on the market could have resulted in lower prices and higher quality of service,” reads the communique released by UOKiK. The fine represents a fifth of the group’s first-quarter net earnings. These fell 70 percent year on year. PGNiG has said it will appeal UOKiK’s decision. Remi Adekoya
The General Directorate for National Roads and Highways (GDDKiA) will oversee only seven investments in 2013. New tenders have been practically suspended, because builders have already spent most of the 2007-2013 EU funds allocated for road construction, reported Dziennik Gazeta Prawna. “The industry has at least two very tough years ahead,” said Marek Micha∏owski, the president of Poland’s construction sector employers’ association PZPB. “There are almost no tenders,” he added.
Traffic at Polish airports rises Some 11.4 million travelers checked in at Polish airports in H1. That’s 1.7 million more than a year ago. The Fryderyk Chopin Airport in Warsaw served the most passengers – 4.7 million in the first six months of this year, which represents 41% of all passengers in Poland. It is estimated that in 2012 the airport will serve 9.6 million people.
Polish wine boom The 2011/2012 financial year has been the most successful in several years when it comes to sales and market share, Robert Ogór, CEO of the Ambra group, leader in Poland’s wine sector, told daily Parkiet. Although official results will be published in September, preliminary assessments show that the firm’s revenue increased by about 22% y/y. ●
BUSINESS
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PGNiG Norway, a subsidiary of Polish oil and gas giant PGNiG, has, along with its partners, found new natural gas reserves on the Norwegian continental shelf. Recoverable reserves are estimated at between 1.2 and 2.3 billion cubic meters. The company’s share in this new discovery amounts to 15%. A comprehensive evaluation of the resources, which are located on the Snadd Outer prospect, is expected to be completed within the next six months.
Poland to get free CO2 permits The European Commission has given its green light for Poland to provide its power firms with free carbon allowances after the next phase of the EU’s Emissions Trading Scheme starts in 2013. Poland is one of eight EU countries heavily reliant on fossil fuel that have applied for exemptions from buying carbon permits after 2013. The number of allowances is set to be reduced each year and reach zero in 2020.
Public sector employment falls Every fifth Pole of working age is employed in the public sector, according to a new report by the Civil Development Forum (FOR). However, the number of state jobs is decreasing slowly. At the end of 2011, almost 3.5 million were working in the public sector. That’s some 80,000 less than at the end of 2010, and some 150,000 less than five years ago. The reduction in public sector employment is mainly the result of the privatization and restructuring of stateheld firms, particularly in the industrial sector. ●
Shale gas
Poland earmarks z∏.1 billion for homegrown shale gas technology The money will be divided among companies selected via contests Poland will devote z∏.1 billion to fund the development of shale gas exploration and extraction technologies “Made in Poland.” “Today we are Europe’s leader in the search for shale gas. We also want to be the leader in exploitation technology of this material,” Treasury Minister Miko∏aj Budzanowski told journalists. Half of the sum will come from public funds, with the National Centre for Research and Development (NCBiR) and the Agency for Industrial
Development (ARP) each providing z∏.250 million. The remaining z∏.500 million will be provided by companies from industries interested in commercializing shale technology. As WBJ went to press, the NCBiR planned to launch the contest for the first round of joint research projects by scientific consortia with business participation later in July. Applications will be submitted through August and September, and the center hopes to select winning projects by the end of the year. “We will accept proposals in three major fields: developing technology for more precise evaluation of shale gas
deposits; adjusting hydraulic fracturing technology to the Polish context or even develop new ideas for extracting; and environmental issues,” NCBiR director Krzysztof Kurzyd∏owski told WBJ. From the business sector, oil refiners PKN Orlen and Lotos, as well as gas giant PGNiG, all involved in the development of Poland’s shale gas industry, have expressed their interest in funding the project, said Mr Kurzyd∏owski. Other potential contributors include companies from the chemical sector seeking to produce the chemical mix used in drilling for shale gas. At a later stage the NCBiR plans to enter into talks with
COURTESY OF THREELEGS RESOURCES
PGNiG Norway discovers new gas reserves
JULY 23 – AUGUST 6, 2012
Orlen, Lotos and PGNiG have expressed interest in funding the project investment funds, including the National Capital Fund (KFK),
said Mr Kurzyd∏owski. Alice Trudelle
Travel agencies
IT
Alba Tour goes belly up, leaving travelers stranded
Asseco Poland’s Sygnity bid falls through
Local authorities paid to bring home 437 of the travel agent’s clients from Egypt
The IT giant didn’t receive regulatory approval on time, and is now waiting to decide on its next move
For the second time in less than a month, Polish tax payers had to cover the costs of bringing home stranded holidaymakers, when Poznaƒbased holiday agency Alba Tour declared insolvency in early July. The Wielkopolskie Marshall’s Office paid about z∏.600,000 for the return of 437 clients of Alba Tour from Egypt in the first half of July. “The company will not pay for the return of the vacationers because their insurance amounts only to z∏.209,000 ... We will cover the costs ourselves because we want to ensure that the clients return home safely,” Marek Woêniak, the marshal of the Wielkopolskie voivodship, said when the news of the agency’s insolvency first broke. A further 3,000 holidaymakers who organized trips through the travel agency were affected by its bankruptcy, having purchased holidays which they could no longer go on. The news came as the last of the 4,800 stranded clients of
SHUTTERSTOCK
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Stranded holidaymakers had their flights home paid for by Wielkopolskie voivodship agency Sky Club, which declared bankruptcy on July 3, were coming back to Poland. This operation, managed by the Mazowieckie Marshall’s Office, cost Polish taxpayers z∏.4 million, reported Gazeta Wyborcza. Both the Mazowieckie and the Wielkopolskie Marshall’s Offices referred their respective cases against Sky Club and Alba Tour to the Prosecutor’s Office. “We have reason to suspect that [Alba Tour] has been engaging in fraudulent activity. The owners do not intend to fulfill their obligations and are currently unavailable,” Mr Woêniak told journalists. The Poznaƒ police depart-
ment is currently leading an investigation into the activities of the travel agency, while Warsaw authorities have seized 11 binders of documents and a number of computers from Alba Tour’s Warsaw office. Meanwhile another Poznaƒ-based travel company, Africano Travel, which purchased airplane tickets from Alba Tour, also declared insolvency on July 16. In this case however, there was no suspicion of illegal activities, and the firm’s insurance was expected to cover the cost of bringing back its 150 stranded clients. Izabela Depczyk, Anthony Adams
Polish IT firm Asseco Poland has failed in its bid to take over smaller domestic rival Sygnity because it did not receive approval from the regulator in time. The Rzeszów-based firm had offered Sygnity shareholders z∏.21 per share for a 100percent stake, valuing Sygnity at z∏.250 million. However, the Office of Competition and Consumer Protection (UOKiK) did not give its permission for the transaction before the July 9 offer deadline, meaning the takeover had to be scrapped. UOKiK, did however announce on July 11 that it had finally given its approval for the tie-up, following an analysis of whether a merger of the two IT companies would limit competition on the Polish market. But because Asseco Poland did not receive the approval in time the bid was not valid, said company spokesperson Katarzyna Drewnowska. She added that 66.9 percent of shareholders in Sygnity would have also had to have respond-
ed to the call for shares for the bid to be valid. “We will now think about what to do next. Nothing is decided,” said Ms Drewnowska. Following the regulatory green light, the company has two years for a possible followup bid. But it seems getting agreement from Sygnity’s shareholders will be a tough ask. Sygnity’s management and shareholders previously opposed the bid, with some saying publicly that the offer price was too low. “We are paying a lot for Sygnity and we cannot afford more,” Asseco Poland president Adam Góral told journalists in March. He added that the company was eying other takeover targets and a listing on the Nasdaq stock exchange. The share price of both Warsaw Stock Exchange-listed firms took a hit on July 11, with Asseco’s share price slumping from z∏.49.3 at close on July 10 to z∏.46.56 the following day, and Sygnity’s share price falling from z∏.18.40 at close on July 10 to z∏.15.56 on July 12. As WBJ went to press, the firms’ stock was at z∏.46.00 and z∏.15.97 respectively. Gareth Price
FINANCE & ECONOMICS
JULY 23 – AUGUST 6, 2012
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Public debt
Finance Ministry to change debt calculation? ered in the following year’s budget. There is also a third, constitutional, limit of 60 percent of government debt to GDP which, if breached, forces the government to undertake more stringent austerity measures, including deep spending cuts. Currently, the official exchange rate for calculating foreign-currency-denominated debt is taken on the last trading day of the year. “[This] can encourage speculative attacks on the Polish currency, and also cause anxiety in the markets about eventual attempts by the Finance Ministry or the National Bank of Poland to influence the exchange value at the end of the year,” the ministry wrote in a document outlining its proposal. It also argued that a change in exchange-rate value on the last day of the year, often as a result of external circumstances not connected with the Polish economy, could lead to debt threshold levels being breached. This would force changes in fiscal policy not always advantageous to Poland’s economy. Analysts, however, see different reasons behind the ministry’s proposal. “Obviously, they want to do
Poland’s Finance Ministry has proposed changes to the way the country’s public debt is calculated. It says the proposals are designed to discourage speculative attacks on the Polish currency, but analysts say its real aim is to ensure Poland’s debt doesn’t breach legally mandated thresholds. By the end of the year, the ministry hopes to start using an average annual foreignexchange rate to calculate debt instead of the exchange rate on the last day of the year, as is used at present. In cases where the debt level exceeds thresholds of 50 or 55 percent of GDP, it also wants available cash reserves to be included in the debt calculation. These are not included under the current rules.
Mind the gap Poland has two legally mandated public debt thresholds. The first is a warning level of 50 percent followed by a 55 percent limit which, if exceeded, means that public debt has to be low-
Industrial output disappoints Industrial production rose by 1.2% y/y in June, a deceleration compared with the previous month, according to data from Poland’s Central Statistical Office. Economists had expected 4.2% growth, almost as much as was recorded in May. The largest drops were seen in the mining and quarrying industry.
Poland to get IMF board seat
COURTESY OF THE EUROPEAN PARLIAMENT
Mindful of debt thresholds triggering spending cuts, the ministry wants to introduce a new way of calculating public debt
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Finance Minister Jacek Rostowski everything they can to make sure the debt level doesn’t break those ... thresholds which would trigger radical spending cuts. However, I wouldn’t make too much of it as I think markets will be more focused on if we can lower our deficit and
finance our borrowing needs,” said Przemys∏aw Kwiecieƒ, chief economist at X-Trade Brokers. “Besides, no one in the market really believes those measures written into the law would ever actually be carried even if
[the thresholds] were breached,” he added. The ministry wants the changes to be effective as of January 1, 2013 with this year’s debt being calculated with the new formula. Remi Adekoya
Poland and Turkey will for the first time hold seats on the International Monetary Fund’s executive board, reports The Wall Street Journal, citing unnamed sources. Although they will share their seats on a rotating basis with other countries, the deal represents an ongoing shift that gives emerging economies greater power at the IMF. A reform of the organization’s decisionmaking process, agreed in 2010, has already given Brazil, Russia, India and China (BRIC) seats at the 24-member executive board. ●
PKO BP stake brings Treasury z∏.3.19 billion DAILY EXECUTIVE DIGEST Poland A.M. gives you the biggest Polish stories of the day. Have the most valuable news delivered to your inbox each weekday morning.
COURTESY OF PKO BP
Poland’s Treasury Ministry sold a 7.8 percent stake in the country’s largest lender, state-controlled PKO BP, in mid-July. Some 98 million shares were sold in an accelerated book building process at z∏.32.5 apiece, netting the Treasury z∏.3.19 billion. The ministry had initially offered 7.2 percent in the lender but increased the stake to 7.8 percent in response to high demand, reported Reuters. “The books were covered only by foreign investors in just around three hours after it was announced,” a source close to the transaction told Reuters. “In the end, the books were three times covered.” The ease with which the Treasury was able to sell the stake surprised many, considering the lack of investor confidence in European banking.
Poland’s Treasury sold a 7.8 percent stake in the country’s largest lender Last year the Treasury tried to sell a 15 percent stake in PKO BP, but had to call it off in the face of market turmoil. Poland’s state budget will benefit from the funds at a time when troubles in the euro zone
are starting to take their toll on the country’s economy. The sale of PKO will take government privatization receipts for this year to z∏.7 billion, z∏.3 billion off the state’s full-year tarGP, AT get.
Polish inflation rises in June The price of goods and services in Poland rose by 4.3 percent y/y in June, the Central Statistical Office reported. The figure was up again from the 3.6 percent seen in May, a
step away from the central bank’s target of 2.5 percent (+/- 1 percentage points). The data cooled analysts’ expectations of imminent slashes in the NBP’s interest
rates, especially since some economists believe that inflation will remain high until after the next couple of months. RG
S i g n u p f o r a 2 - w e e k f r e e - t r i a l ! w w w. p o l a n d a m . p l G e r m a n v e r s i o n : w w w. p o l e n a m m o r g e n . p l
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INTERVIEW
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PO backed by 32% The ruling Civic Platform (PO) party is backed by 32% of Poles, according to a voter survey conducted by TNS OBOP in July. Poland’s main opposition party, Law and Justice (PiS), is next with 23%. The Democratic Left Alliance (SLD) has 8% support while Palikot’s Movement (RP) is now backed by 5% of those who were surveyed. The survey was carried out between July 5 and 8 on a nationwide sample of 958 voters.
Grad goes nuclear Aleksander Grad, treasury minister from 2007 to 2011, has been officially announced as the head of PGE Energia Jàdrowa and PGE EJ1, which belong to the PGE Group, and are responsible for building Poland’s first nuclear power plant. Mr Grad is a member of the ruling Civic Platform party but resigned his seat in parliament on June 30 saying he had “other plans.” ●
JULY 23 – AUGUST 6, 2012
Higher education
Building bridges Barbara Kudrycka, Poland’s minister of science and higher education, talks with WBJ about changes to the higher education system, cooperation between universities and business, and the challenges of preparing students for the job market Ewa Boniecka: You recently said that we have now reached an exceptional moment in the development of Poland’s higher education system. How so? Barbara Kudrycka: Our universities are currently going through changes which were not conducted throughout our great educational boom in the 1990s. We have freed our universities and colleges from centrally governed curricula. We gave them the liberty to shape their academic offerings with only one condition: that the programs be shaped as to ensure that graduates leave university with a deep knowledge of their chosen field of study, and with social competences that allow them to use that knowledge fully on the job market. Innovative changes to establish cooperation between uni-
versities and businesses are also making this moment an exceptional one. There have never been such large investments in science and higher education in our country. We have provided z∏.22 billion for upgrading educational infrastructure, building laboratories, multi-media auditoria and virtual libraries. I think all these moves offer concrete chances for the dynamic development of our science and higher education systems. Poland’s system of higher education has for a long time been criticized as being outdated, and there are doubts as to whether your ministry’s current reforms will bring positive results. How do you respond to these claims? That picture is changing and the scale of investments in educational infrastructure and the
changes in the management of our universities can be seen in many educational institutions. We only started implementing the reform in the 2011/2012 academic year, and some of its provisions will go into force in the next few years. But the universities are already working on new curricula, with new departments currently being established. They are also increasing the quality of the training they provide, so as to give students more and better learning opportunities. We recently named the 28
could shape curricula. Universities can invite entrepreneurs to give lectures, they can open the position of university rector to prominent entrepreneurs and business managers in a competition. It is also a matter of businesses and various industry sectors providing money directly for the development of science. One of my ministry’s ideas in that field is to allow companies to turn over 1 percent of corporate income tax for science. The task of encouraging businesses to finance scientific proj-
“There have never been such large investments in science and higher education in our country” best-run programs of study [in the country] and each of these programs will receive additional financing at a level of z∏.3 million. Moreover, we have announced a competition for the best academic offerings and the winning institutions will receive z∏.1 million this year. What is crucial is that the money goes to the best departments and the best universities. I believe that our comprehensive approach to reforming the system of higher education and involving businesses in cooperating with and financing some programs will bring positive results. How will cooperation between universities and business be developed? Universities have various means of establishing such cooperation. They can bring together groups of advisers in which business people could participate. Together, they
ects is already being carried out by the National Center of Research and Development (NCBiR), which is establishing a platform for linking the development of scientific projects from public and private sector funding. If we want to speed up our economic development and compete with other countries, we are all aware that we need to look for new mechanisms for building cooperation between scientists and entrepreneurs. We need to ensure that the results of technological and scientific research carried out in our universities have much more effective commercial applications for our firms. Currently academia and business are not as close as they could be. What are the reasons for this in your opinion? Examples of very fruitful cooperation between business and universities do exist, such as the University of Science and Tech-
Barbara Kudrycka Born in 1956 in Kolno, Barbara Kudrycka graduated in Law from the University of Warsaw in 1978. In 1985 she obtained a doctoral degree in Law and in 1995 became assistant professor at the Department of Law and Administration at the University of Warsaw. She became Professor of Administrative Law and Public Administration Science in 2003. From 2004 to 2007 she was a Member of the European Parliament, where she was elected as a candidate of Civic Platform (PO).
She sat on the Committee on Civil Liberties, Justice and Home Affairs and was a member of the Delegation for relations with Belarus. In the 2007 parliamentary elections she was elected to the Sejm, Poland’s lower house of parliament, as a PO MP. Ms Kudrycka was then appointed as the country’s Minister of Science and Higher Education, a position she has held up until today. During her time in the cabinet she has overseen major reforms of Poland’s higher education system. ●
nology (AGH) in Kraków or the Wroc∏aw University of Technology. My ministry and the NCBiR work consistently to create a friendly environment for engendering cooperation between industry and universities and, as an example, I can cite the activity of the Polish Aerospace Technology Platform. Within the framework of this organization, the NCBiR signed an agreement with a group of entrepreneurs in the aviation industry for the realization of scientific research and the development of concrete projects. We are soon going to announce a competition for a strategic program in medical science, while scientific platforms for dealing with the environment are going to be established, along with new technology for the exploration of shale gas. Despite a large increase in both the number of institutions of higher education and number of students over the last 20 years, it seems as if many young people are studying only to get a degree, and that too many graduates are poorly educated and inadequately prepared for the job market. How do you see the situation? Our country invests over z∏.10 billion per year in higher education, and an increase in the number of students should not lead to the quality of education being lowered. The present reforms are aimed at upgrading the quality of higher education, and thus the quality of graduates. It is very important to give them optimal knowledge and the ability to be leaders in our society – a proper preparation for their future careers. We have to offer all students a better education and better preparation for the job market. Degrees should be a guarantee that a student has acquired reliable knowledge, practical skills, social competences and skills that are required by an employer or are necessary in a future academic career. Why aren’t businesses jumping at the chance to cooperate with universities and patent some of their innovations? The problem of commercializing the results of research carried out at universities and encouraging industry and business to cooperate in turning them into patents is one of the big concerns linked with our reforms to the higher education system. We can already observe the first effects of our reforms in this respect. The number of motions
INTERVIEW
COURTESY OF THE MINISTRY OF SCIENCE AND HIGHER EDUCATION
JULY 23 – AUGUST 6, 2012
Ms Kudrycka wants universities and business to work more closely together for patents from universities increased from 667 to 1,260 between 2007 and 2011 – by nearly 100 percent. There are efforts being made to develop an entrepreneurial spirit among scientists and an example is the program “Top 500 Innovators.” Between 2012 and 2015, 500 young scientists will participate in trainings on commercialization of research results and technology transfers at top institutions such as Stanford University, where they will meet with entrepreneurs and representatives of venture capital funds. Those young scientists could be the future managers of innovation. The government is planning to strengthen cooperation between universities and businesses in the field of innovation and will establish a fund for this. In Poland there is little focus on developing links between the graduates of a given university and the university itself, unlike in countries such as the US or UK. How do we build such ties here in Poland ? I think that student bodies now play a big role in the life of universities and students have representatives in all university
bodies, they have influence on the election of the rector of the university. Students’ opinions are also taken into account when it comes to reforming the universities. It is worth noting that universities have begun to compete between themselves in building and promoting their own
teresting papers and organize reunions of students and graduates. Our ministry’s “Diamond Grants,” which recently awarded 100 outstanding students, are an opportunity to bring together the best young students and academicians from Polish universities. We intend
“The number of motions for patents from Polish universities increased by nearly 100% between 2007 and 2011” brands, and so my ministry has made it possible to grant diplomas with the university’s emblem in order to increase students’ identification with their alma mater. Nonetheless the process of building closer links between graduates and universities is at an early stage in Poland and I think it will have a different character than in the US or in Britain. For now the most prominent vehicle for building ties between students and graduates of a given university are the activities of various scientific circles. Membership of some of them is regarded as prestigious. They publish in-
to support the establishment of their grouping in an association that would create a space for exchanging academic experience, creative discussions, and meetings with prominent academicians. However, I want to stress that Polish universities are totally autonomous in making decisions about their development strategies and the activities of their academic and students communities. With the changes that we have proposed and are introducing, Polish universities are increasingly wellequipped to compete with the best academic centers in the world. ●
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SOCIETY
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JULY 23 – AUGUST 6, 2012
A museum of life Piotr Kossobudzki and Piotr Kowalik, representatives of the Museum of the History of the Polish Jews, set to open in 2013, speak to WBJ about the significance of the museum, its mission and the life of the Jewish community in Poland Anthony Adams: When is the planned opening of the museum and what do you envisage for the opening ceremony? Piotr Kossobudzki: The opening date is set for October 20, 2013. The date is reliable but it is too early to give details. We are expecting it to be a huge, public event, preceded by a series of activities: starting earlier in 2013. The “grand opening” will feature a number of different attractions representing various fields of the museum’s activities education, art research, and entertainment. The Minister of Culture and National Heritage has appointed general director of the Teatr Wielki [Polish National Opera], Waldemar Dàbrowski,
as his plenipotentiary in charge of the opening of the Museum. We are inviting international artists, prime ministers and presidents. Prior to the opening, we also hope to welcome these high-profile individuals at the 70th anniversary of the Warsaw Ghetto Uprising in April 2013. US President Barack Obama has previously visited the site and we are expecting his presence at the opening ceremony as well. How does the museum compare to others of its type? How does its mission differ? Piotr Kowalik: There are currently two major Jewish museums that need to be mentioned: The United States
Holocaust Memorial Museum in Washington and Yad Vashem in Jerusalem. We plan to be the third such museum in terms of significance in documenting Jewish history and life. The difference is that the two museums are focused on documenting the Holocaust, whereas our mission is presenting the variety and continuity of Jewish life on historical Polish lands. We will not be focusing on death and misery but rather on the life of the Jewish community [from a] historical perspective [over the last] 1,000 years. We want to stay away from the perception of Jewish people as victims and would rather present the polyphony of voices and identities of the living people, which is not monolithic as some tend to believe. How strong was the Jewish community in Poland before World War II? Did it form an
COURTESY OF THE MUSEUM OF THE HISTORY OF POLISH JEWS
The Jewish community
The museum will open its doors for the first time in October 2013 integral part of Polish culture? Piotr Kowalik: The Holocaust reduced Poland’s Jewry by 90 percent. Prior to the war, there were between 3.1 and 3.5 million Jews [in the country], as determined by a number of pre-war censuses. About onethird of Warsaw’s population was Jewish before the war. Current estimates are difficult since some Jews are not involved in organized bodies or activities, and others are in the process of discovering their roots or of “coming out.” If we look at the number of active Jews today, which is the only source of concrete information within our reach, there are about 3,000. However, the nonactive population may raise the figure to between 10,000 and 30,000. You mentioned “coming-out.” Most modern Poles don’t view themselves as anti-Semitic. Why then do Jews in Poland still refrain from embracing their identity? Is there still stigma? Piotr Kowalik: Scientific research is showing that there is a definite trend of decreasing anti-Semitism in Poland. The Western media often exaggerate the degree of anti-Semitism in the country, and this has particularly been the case due to overblown racism reports [prior to] the Euro 2012 championships which portrayed Poland as being anti-alien, a complete misconception of Polish society. However, Poland is not free from anti-Semitic attitudes, there are recurring cases of serious eruptions of antiSemitic violence and vandalism. The problem we have is a still weak response of the Polish state in monitoring and counteracting anti-Semitism. On the positive side, there is a rise in public consciousness about anti-Semitism being a major problem to deal with. There is a great number of events currently promoting Jewish culture in Poland, such as the Jewish Culture Festival in Kraków. Our mission is to educate people about Jewish culture, which can reduce antiSemitism.
How can the inaccurate perceptions of Poland held by some Jewish people be changed? Piotr Kowalik: We have worked to change perceptions by conducting a leading international and educational project based on direct interpersonal dialogue, the so-called Polish-Israeli exchange programs, [as well as] workshops and seminars. The multi-language 2.0 portal “Virtual Shtetl” is a continuously growing database of Jewish local history on Polish lands that has proved a success. The problem is that Jewish people have very little contact
“We will not be focusing on death and misery but rather on the life of the Jewish community” with today’s Poles and the contemporary Jewish community in Poland. When Israeli students are asked what they remember most about their trip to Poland, it seems to be their encounters with Polish youth, who they were surprised to find were strikingly similar to themselves. They read the same books and listen to the same music. These friendships are continuant, and we want to use this to ensure a bond between Israel and Poland. You talk of a Jewish revival. What impact has Poland’s democratic transition had on civil society organizations and institutions promoting Jewish life in Poland? Piotr Kowalik: The real revival occurred in the 1990s and we could almost describe it as revolutionary. There was rapid growth and the institutional building of completely new bodies which constituted a generational and religious revolution. The 2000s are a bit different. They can be conceived as a process of differentiation, stabilization and normalization
within Jewish civil society. Now we can consider the normalization of Poland’s Jewish community as patterning the plurality found in many Western states. What impact did communism have on the Jewish community in Poland? Piotr Kowalik: It had a very profound impact. A whole gallery in our museum will be devoted to the post-war order for Jews in Poland. Immediately after the war, the Jewish community began to reconstruct itself but with the arrival of communism, the community was subjected to anti-Semitic regulations and purges, with the situation only beginning to improve during democratic change in the 1980s and 1990s. The communist party in Poland eliminated authentic Jewish culture from public life. How does Poland compare with other European countries in its efforts at re-establishing a Jewish community? For example, how does it compare to Germany? Piotr Kowalik: Germany’s capacity to implant and support the growth of its Jewish communities cannot be compared with Poland’s. Poland is only beginning to make progress now, with the new restitution law of Jewish communal prewar properties, introduced in 1997. Do you feel that Warsaw is using its Jewish heritage to promote itself as a Jewish history destination in Europe? Piotr Kossobudzki: Warsaw does have a lot of Jewish history to offer its tourists. The opening of our museum and the revitalization of historical areas will only increase the interest of international tourists in Jewish culture and life. However the more challenging mission for our museum is to educate people here in Poland about the 1,000 years of Polish Jewish history. This will contribute to the formation of modern individual and collective identities among Poles and Jews in Europe and around the world. ●
OPINION & ANALYSIS
JULY 23 – AUGUST 6, 2012
www.wbj.pl
Donald Tusk should call conservatives’ bluff
P
oland is still a conservative country by Western European standards. The UK’s conservative PM David Cameron openly supports gay marriage, while Germany’s
“Poland’s parliament is currently more conservative than the society it represents” conservative government has an openly gay foreign minister, without either party suffering any visible collateral damage to their electoral chances. In Poland, by contrast, even mainstream leftist politicians would shy away from such moves for fear of how their electorate would react. This is not to say that social attitudes in Poland are not evolving. What was unthinkable 10 years ago is reality today. In 2011, Poland elected its first openly-gay MP and became the first country in Europe to vote in a transsexual politician to its parliament. Meanwhile there are currently two black
MPs in the Polish parliament, a statistical over-representation considering the size of the country’s black community. This shows that particular individuals representing minorities are able to convince Poles that they should be judged based on the content of their character and not on the color of their skin, or their sexual preference, to paraphrase Martin Luther King. Attitudes are also changing regarding the rights of minorities. For example, although the majority of Poles are still opposed to legalizing homosexual civil partnerships, a 2011 SMG/KRC poll showed that 55 percent of Poles said they support the right of homosexual couples to inherit property and pensions from each other. The same number support allowing homosexual partners to file joint tax-returns, while 68 percent think a homosexual should be able to get information about his or her partner in hospital. A majority of Poles are also in favor of in vitro fertilization. Now the question is whether or not the Polish ruling class is ready to enact more progressive legislation.
liament is currently more conservative than the society it represents. This is largely due to the fact that the ruling Civic Platform (PO), which describes itself as a center-right, modernist party, has been backed by leftist voters in recent elections. These voters see PO as the only force capable of keeping the ultra-conservative Law and Justice (PiS) party from coming back to power. And thus many Poles who want to see their country adopt more progressive social policies ended up being represented by an eclectic party which is loathe to address controversial social issues because of the divisions they cause among its own members. And while Prime Minister Donald Tusk himself comes across as the kind of moderate who would likely be open to allowing same-sex civil unions or in vitro fertility procedure for singles, he is being held to ransom by a group of determined conservative MPs within his own party. An example of this is the current bickering over the procedure of in vitro fertilization, which over twothirds of Poles support and which is currently unregulated in Poland. PO MPs have produced two differing
Leftists voting for the right The key problem is that Poland’s par-
draft bills to regulate the procedure, one deemed more liberal and the other more conservative. The more liberal bill, designed by Ma∏gorzata Kidawa-B∏oƒska, deputy leader of PO’s parliamentary club, calls for in vitro to be allowed in the case of single mothers and unmarried couples, as well as for those who are already married. Ms Kidawa-B∏oƒska also wants the possibility of embryos to be frozen but not destroyed. Meanwhile the more conservative bill, drawn-up by Justice Minister Jaros∏aw Gowin, allows for in vitro only in the case of married couples, and rejects outright the freezing of embryos.
Conservatives determined, liberals not A conservative faction in PO, headed by Mr Gowin, is determined to block the liberal version of the bill, although it represents less than a quarter of the 206-member parliamentary club. Some in this conservative group have even threatened to quit the party if forced to vote “against their conscience.” If they feel so strongly about frozen embryos, then one can only imagine
11
Remi Adekoya what they would think of gay marriage. Meanwhile, the party’s liberal politicians are not nearly as determined to force through their own views. The ruling coalition has a slim majority of three MPs, so Mr Tusk must play his cards carefully. However, it would be difficult to imagine the ambitious and pragmatic Mr Gowin quitting PO due to matters of conscience. Mr Gowin has nowhere to go and Donald Tusk must know this. So why is the PM acting as if he really fears a break-up of his party? Softly, softly is not always the best method for a leader. Mr Tusk has shown on countless occasions that he has the ability to persuade Poles to come round to his way of thinking. If he really cared about solving the issues of civil unions or in vitro, he would certainly find a way. Right now, it seems like he simply doesn’t care. And that’s a slap in the face to those who took him for his word that he really is a liberal in the truest sense. ● Remi Adekoya is WBJ’s Political Editor. Read his blog, “The business of politics” on WBJ.pl
Why are Polish-Lithuanian relations so chilly?
Kinga Iwona Dudziƒska
T
ensions between neighbors Poland and Lithuania have once again become the subject of public debate. The deteriorating relations between the two countries have been described as a “strategic divorce” rather than a “strategic partnership.” What is causing these tensions and what’s in store for the future of Polish-Lithuanian relations? The main reason for the increasing tensions is disagreement over the status of the Polish minority in Lithuania. The most heated debate surrounds the Polish minority schools, which are forced to limit the number of subjects taught in the Polish language after new legislation was passed in Lithuania last year. The legislation also introduced a nationwide standardized test in Lithuanian for all schools, including Polish minority ones. There is little
chance of this legislation being amended. Lithuania treats the issue of the Polish minority as a strictly internal matter and consistently rejects calls for improvements in the treatment of the Polish minority. At the same time, the Polish government actively supports Lithuania’s Polish minority.
Criticism of Poland Recently, Lithuanian President Dalia Grybauskaite has ratcheted up her rhetoric on Polish-Lithuanian relations. In April this year, Ms Grybauskaite rejected an invitation from Polish President Bronis∏aw Komorowski to participate in the 3+1 consultations, which include Poland and the Baltic States, ahead of the NATO Summit in Chicago. Ms Grybauskaite’s decision was criticized by some Lithuanian policy experts as damaging for regional
cooperation, and was met with a visible lack of public approval in the country. Her decision not to attend was most likely meant to signal Vilnius’ objection to Warsaw’s demands that improvements in bilateral relations be tied to the situation of the Polish minority in Lithuania. But Ms Grybauskaite went a step further at a meeting with the Lithuanian community in Chicago, when she criticized Polish policy toward Lithuania and accused Warsaw of improving relations with Russia at the expense of small states such as Lithuania. The comments seemed to signal a change in Ms Grybauskaite’s stance. Until recently, she had taken a more moderate tone toward Poland and Polish policy. But while the change was unexpected, it was not a complete surprise. Similar arguments (that Poland had supposedly
changed direction in its foreign policy) had already been made by some Lithuanian policy experts. From Lithuania’s perspective, Poland is focused on cooperation with larger states in Europe. But at the same time, Lithuania itself is trying to shift its own foreign policy towards Scandinavia and is promoting greater integration of the Baltic See Region . Regardless, the current Polish-Russian relations have certainly not improved as much as Vilnius suggests.
Overlapping factors The recent deterioration of PolishLithuanian relations is the result of many overlapping factors: not only the issue of the Polish minority in Lithuania, but also economic cooperation – such as with Polish company PKN Orlen’s difficulties with its Lithuanian refinery.
However, both countries share common interests in the European Union, and also in the region, where both face the challenge of increasing their energy security. Parliamentary elections in Lithuania in October will only give us a partial answer to the question of where bilateral relations are headed. It is far from certain whether a win by the opposition would mean any change in Vilnius’ policy towards the Polish minority. A much more important factor will be the position that the Electoral Action of Poles in Lithuania, a political party which mainly represents the interests of the Polish minority, will attain in the Lithuanian parliament. ● Kinga Iwona Dudziƒska is an analyst at the Polish Institute of International Affairs pism.pl
Editorials are the opinions of WBJ’s editorial board. Other opinions are those of the authors alone. Comments, opinions and letters should be sent to editor@wbj.pl. Please include a name and contact information and clearly indicate if they are to be considered for publication.
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Salaries grow, but not enough The average gross salary in the private sector stood at z∏.3,754.48 in June, Poland’s Central Statistical Office revealed. This was both a month-on-month (3.8%) as well as a year-on-year (4.3%) rise. However, the increases were canceled out by the high level of inflation. “We emphasize, however, that it is still too early for the slowdown, which has been mild up to now, to have been reflected in wage growth,” Marcin Mazurek, an analyst at BRE Bank, told Rzeczpospolita.
Polish firms to finance nuclear project? Poland wants statecontrolled KGHM, Tauron and Enea to co-finance the country’s first nuclear power plant with utility PGE, Treasury Minister Miko∏aj Budzanowski told TV channel Superstacja on July 19. “We are gathering z∏.50 billion [for this project]. It is very hard today to gather such financing,” Mr Budzanowski said.
Fin Min calculates deficit The state budget deficit at the end of June stood at z∏.20.92 billion against a z∏.35 billion forecast for the whole year, the Finance Ministry reported in a statement. This represents 59.8% of the total figure predicted for the whole year. According to the Ministry’s timetable published in early June, the state budget deficit in June was to reach z∏.30.83 billion, or 88.1% of Poland’s planned deficit for 2012. ●
JULY 23 – AUGUST 6, 2012
Business schools
MBA studies in Poland focus on real life
Andrew Nawrocki
A number of schools work closely with leading Polish businesses to generate solutions to real-life business problems Universities offering the prestigious Master of Business Administration (MBA) degree in Poland are increasingly focusing on solving real life problems for companies. Many are also slowly gaining ground by forming international links. WBJ sat down with past students, MBA directors and leading HR recruiters to learn more about the real value of doing an MBA in Poland, and what matters most to its students.
International ties matter Of the few dozen universities offering the MBA degree in Poland, roughly half are based in Warsaw. Prices vary enormously, with the cost of an MBA ranging from a modest z∏.8,000 all the way up to z∏.72,000. Just as overseas, students in Poland can choose to study full-time or part-time, though many of the more prestigious executive programs require students to be employed while undertaking studies. With courses involving 12 to 24 months of intensive work tackling business cases, picking the right school to do an MBA is an important task that needs to be done with care. “Foreign affiliation, international professors, and a diverse student body were the most important criteria in choosing my MBA program,” said Robert Gorayski, an Australian-Pole currently working as a sales and marketing manager for a start-up vodka
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Executive programs and Polish firms are teaming up to provide students with real-life corporate cases to crack brand. Having chosen the Warsaw University of Technology Business School, Mr Gorayski had the possibility to study alongside students from three of Europe’s most prestigious business schools: London Business School, HEC Paris, and Bergen School of Business in Norway. Over half of the top-10 MBA programs in Poland – as ranked by the Perspektywy Education Foundation – are associated with foreign universities. Meanwhile students of the top two programs of 2012 – Warsaw-Illinois Executive MBA (WIEMBA) and Canadian Executive MBA
(CEMBA) – graduate with a dual degree, one from the foreign affiliate and one from their local Polish university. “Graduating with a dual degree from the University of Illinois – Urbana Champaign and the University of Warsaw – Management School is a huge advantage,” said Patryk Mikulski, president of the board of the WIEMBA Alumni Association and a 2011 graduate. “In Poland and overseas, an MBA from one of the largest and most prestigious state schools in the United States goes a long way when talking with potential employers.” Mr Mikulski, now
in a managerial position at one of the larger pharmaceutical companies in Poland, gives a lot of credit for his professional success to the international dimension of the WIEMBA program.
A focus on strategy Aside from forming international links, Polish MBA programs are increasingly focusing on helping to solve real-life corporate problems through consulting projects. Of six consulting projects prepared by the WIEMBA class of 2011, three have been developed for companies listed on the Warsaw Stock Exchange, two for multi-
national corporations, and one for an unlisted Polish company, explained Tomasz Ludwicki, director of the program. All six projects are in various different stages of implementation at each company. WIEMBA, considered the leading MBA program in Poland by Perspektywy in 2012, is not the only MBA program that focuses on solving complex problems for Poland’s leading companies. The Executive MBA program at Warsaw’s Koêmiƒski University, ranked number three by Perspektywy, also focuses on consulting projects. “In the beginning, in the
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The top MBA programs in Poland are associated with foreign universities, with some offering their students dual degrees 1990s, most projects were focused on the restructuring of firms. Today, most of our students deal with strategy-based cases,” Nikolay Kirov, director of strategic initiatives and development at Koêmiƒski, told WBJ. Each year, approximately 40 projects within IT, HR, or finances are undertaken, added Mr Kirov. Increasingly Koêmiƒski University is seeing a push in projects that cater to companies launching new technologies. Roughly 90 percent of solutions offered by these projects are implemented. Elektrobudowa, Poland’s leading electric power equipment manufacturer, is one example of a firm that has used the help of MBA students. The company revealed that it had worked on three large projects with MBA students, two of which were projects where students worked side-by-side with employees from the company. All three projects were strategy-related, and the solutions to the problems – to varying degrees – were all implemented at the firm. “Often, companies request projects and have their own employees tackle them whilst doing an MBA,” explained Patryk Mikulksi. “Classes equip you to solve real-life projects, and clear intentions to implement solutions is key to the entire process.”
managing partner of Boyden, a global executive search firm. An MBA backed up with an engineering or IT background can be a very attractive mix especially in an increasingly ITcrazed world, she explained. “Today in Poland, there is an increasing demand for professionals that have hard skills, be it in managing IT projects, or working at streamlining process flows,” she said. Though an MBA cannot hurt she did mention that other, more specific training can also prove useful for graduates.
“An MBA from one of the largest and most prestigious state schools in the United States goes a long way when talking with potential employers” “Certifications such as ACCA (Association of Chartered Certified Accountants) and CFA (Chartered Financial Analyst) hold much value for employers, especially in the finance industry,” she said. But again, in senior positions, nothing is more important than a proven track record.
On the rise Experience paramount Despite MBA programs focusing more on consulting projects in recent years, there is little substitute for real-life work experience. “Polish and international companies look for solid experience matched with a proven track record when hiring experienced professionals,” said Urszula Szostek,
MBA applications at the best schools are on the rise in Poland, especially after the global credit crunch of 20072008 left many professionals desperate to fine-tune their skills. At WIEMBA, for example, the number of candidates has risen steadily over the past four years and that trend looks likely to continue. Similarly at
both Koêmiƒski and SGH (which offers the CEMBA program), the number of applications has increased substantially over the past few years. Waldemar Siwiƒski, head of the Perspektywy Education Foundation, is bullish on the demand for MBAs in Poland going forward. Pointing to a recent survey carried out for the purpose of the Perspektywy MBA Ranking 2012, he noted that among 300 randomly-chosen employers in Poland, as many as 78 percent consider an MBA education as being an important factor in recruitment for managerial positions. Furthermore, for 68 percent of employers, it does not matter in what country a candidate for a job received an MBA education. “This means that qualifications of graduates of Polish and foreign MBA studies are – surely not the same – but comparable,” said Mr Siwiƒski. With the average monthly salary of an MBA graduate being over z∏.12,400 gross in 2011, which is nearly four times the average private-sector salary, it seems as if MBA programs will remain attractive for young business professionals going forward. Those programs that form international links, and those that make consulting case studies the core of what they do, are set to get the most attention from prospective students. “We should see a gradual improvement in the quality of MBA studies and recognition of their importance,” said Mr Siwiƒski. “International competition with other MBA programs will guarantee that MBA studies [here in Poland] will have to keep up and grow.” ●
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13
Coming up:
August 6
August 23
The legal perspective
Design & innovation
LOKALE IMMOBILIA
W a r s a w B u s i n e s s J o u r n a l ’s w e e k ly s u p p l e m e n t o n re a l e s t a t e , c o n s t r u c t i o n a n d d e v e l o p m e n t
Loan for Malta Office Park WSE-listed developer Echo Investment has secured an additional €7.16 million in the form of a bank loan from Westdeutsche Immobilienbank, for the refinancing of the third stage of its Malta Office Park project in Poznaƒ. The original Malta Office Park refinancing agreement which Echo Investment and Westdeutsche Immobilienbank signed in June 2009 concerned a loan of €31.78 million. ●
In this issue Baltic Park Molo . . . . . . . . . . . . .14 JWC . . . . . . . . . . . . . . . . . . . . . . . .14 Adventure World Warsaw . . . .14 Second home market . . . . . . . .15 Allotment gardens ruling . . . . .16 Skanska Property Poland . . . .16 Property-related stocks . . . . . .16 Commercial developers in Wilanów . . . . . . . . . . . . . . . . . . . .17
Baltic Park Molo concept selected P∏askowicki & Partnerzy Architekci beat-out around 70 other studios in a competition held to choose the concept
The commercialization of the development is expected to commence at the turn of July or beginning of August, while construction on the first phase of the project should launch around the beginning of 2013. The first to be developed will be a four-star hotel with 400 condo apartments for sale and for rent, a passage with a spa facility, water park and conference center, and a 150meter promenade leading to a beach. Later on, the complex will also get a five-star hotel with approximately 200 rooms, two apartment buildings and a pier. The whole Baltic Park Molo scheme, which is valued at from z∏.200 to z∏.250 million, is scheduled to be completed in 2018.
The Warsaw-based P∏askowicki & Partnerzy Architekci studio will design the Baltic Park Molo hotel-apartment-service complex which Zdrojowa Invest is planning to build in ÂwinoujÊcie on the Baltic Sea. The concept of the investment has been selected via a competition in which over 70 studios from Poland and abroad took part. Apart from the investor, the jury of the competition included a representative of ÂwinoujÊcie, as well as representatives of the Association of Polish Architects.
Adam Zdrodowski
COURTESY OF ZDROJOWA INVEST
The Industrial and Commercial Bank of China (ICBC) has leased its first office space in Poland. Following a deal brokered by CBRE, the company will take up 1,200 sqm in the Griffin House building in downtown Warsaw. Griffin House is a classA facility located on the capital’s Plac Trzech Krzy˝y. The development was completed in 2006 and offers 6,300 sqm of office and retail space. “The building is situated in the most admired office location, in Warsaw’s retail high street area,” Daniel Bienias, director of the tenant representation division of CBRE’s office department, said in a statement.
Architecture
Baltic Park Molo is scheduled for completion in 2018
Theme parks
J.W. Construction begins on Adventure World Warsaw Construction’s Wola plot gets zoning plan
The theme park is expected to open for business in 2014 As Lokale Immobilia went to press, work on the Adventure World Warsaw theme park project in Grodzisk Mazowiecki, near Warsaw, was due to launch on July 21. The park, which is being built on a 240hectare site, is expected to open some time in 2014. Adventure World, which, when completed, will be Poland’s first year-round theme park, is being funded by Las Palm, an international consortium of private investors registered in Luxembourg. The investment project was created by Netherlands-based firms Joravision Themeworld Wizards, Vekoma Rides Manufacturing and AGS Architekten. Jolanta Winiarska, a
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First ICBC office in Poland
JULY 23 – AUGUST 6, 2012, LI 17/29-30
Adventure World Warsaw will feature 24 rides spokesperson for the project, said that Poland needs an adventure park of this kind because it currently has no amusement parks of the same scale. “It will be a brand new level of entertainment in Poland, a destination resort including a theme park with over 50 [attractions] including exciting
shows, restaurants, themed shopping venues and as many as 24 rides, all based on myths and legends from around the world,” Ms Winiarska said. The park will be divided into five themes: Castle Island; Creature Lagoon; Adventure Harbour; Land of Legends, and Polska Plaza. David Ingham
The city of Warsaw recently introduced a zoning plan for a plot of land in Warsaw’s Wola district that developer J.W. Construction bought from investment fund Black Lion NFI. The sales agreement signed between the two companies values the real estate at z∏.155 million. The land, which is located at the junction of ul. Kasprzaka and Al. Prymasa Tysiàclecia, is slated by J.W. Construction for a mixed-use development, propertynews.pl reported. The company plans to develop approximately 3,000 apartments and 72,000 sqm of
commercial space on the land. Construction on the scheme, which is currently in the design phase, may be launched as early as this year. J.W. Construction had initially entered into a preliminary contract to purchase the land in 2011, for a price nearing z∏.174 million, but the local spatial development plan wasn’t introduced as expected and the transaction had to be called off. Established in 1993, J.W. Construction is one of the largest property development companies in Poland. JW, GP
JULY 23 – AUGUST 6, 2012
LOKALE IMMOBILIA – REAL ESTATE
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Second homes
The Polish market offers ample opportunities to invest in property located in holiday resorts The second home market in Poland has been growing steadily in recent years, with an increasing number of projects of this kind being announced in the country’s major holiday destinations. Developers claim that sales are going well and tout the profitability of investing in vacation apartments.
Location matters Jan Wróblewski, member of the management board of developer Zdrojowa Invest, said that the highest number of second home transactions are now concluded on the Baltic Sea, where despite a large supply, well-located projects are successful, and the Sudety Mountains, where few second home schemes exist. He noted that the main tourism destinations in Poland, including the Baltic and the mountains, are diverse in terms of their attractiveness to second home builders. The Tatra Mountains’ popular Zakopane resort, for one, is now overinvested and features considerable competition, he said. Some of the most popular locations for second home developers include Ko∏obrzeg, ÂwinoujÊcie, Jastrz´bia Góra and Mielno on the Baltic Sea. In the latter location, for
instance, developer Mielno Holding – Firmus Group is now constructing a luxury apartment building called Dune. In the Polish mountains, under-construction and planned second home projects include Zdrojowa Invest’s Cristal Resort Szklarska Por´ba in Szklarska Por´ba and Kudowa Towers in KudowaZdrój, as well as Univitae’s Sun & Snow Resorts Szklarska Por´ba in Szklarska Por´ba. Zdrojowa Invest’s Wróblewski said that the Mazury Lake District also has ample second home market potential, with the market there expected to develop in the next few years. One of the largest ongoing schemes of this kind there are Inpro’s apartments in Miko∏ajki.
Investment opportunities According to Pawe∏ Grzàbka, president of the management board of real estate advisory CEE Property Group, the market has changed a lot over the last five years. He said that second homes developed today are much different to those which were built in Poland just a few years ago. He stressed that investments of this kind are nowadays better tailored to buyers’ needs in that they are often built within well-organized complexes which, apart from homes, also offer common spaces including spas, swimming pools and restaurants. Mr Grzàbka also noted
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A growing market
Mielno Holding-Firmus Group is building a luxury apartment complex in Mielno, on the Baltic Sea that investors are increasingly offering second homes for investment purposes, often guaranteeing from six to nine percent annual returns from renting. “Well prepared projects see good sales, usually of several apartments per month,” he said. Bartosz Turek, an analyst at real estate advisory and brokerage Home Broker concurred, saying that the profitability of so-called condo hotel apartments, which are rented out while the owner is not using them, is often higher than that of bank deposits. “Home Broker has recently sold a whole hotel project before construction even reached the ground level,” Mr Turek said. He added that there is still room for this kind
of investment in the Polish hotel market.
Satisfying sales Developers building second homes in Poland claim that demand is high. Stein Christian Knutsen, president of the management board of Mielno Holding – Firmus Group, said that the company’s under-construction Dune project has already reached a sales level of over 60 percent. Apartments in the scheme are priced between z∏.9,000 and z∏.15,000 per sqm. Mr Knutsen added that most of his clients buy smaller apartments for their own use. Those who are interested in profiting from renting tend to choose the larger homes. Zdrojowa Invest’s Wró-
blewski said that approximately 55-60 percent of the owners of the homes built by the developer use them, while 4045 percent merely treat them as an investment. Mr Wróblewski said that interest in the purchase of second homes is on the rise, even if the increase is only moderate. He noted that the economic slowdown has not changed this – while buyers may be a little bit more cautious, they also see real estate as a safe investment in these uncertain times. According to Mielno Holding – Firmus Group’s Knutsen, the second homes market in Poland is actually just starting to develop. “Its prospects are promising as tourism data are also optimistic,” he said. Adam Zdrodowski
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Cushman advises on Metro Group plots Cushman & Wakefield is advising MRE-WREP, a company managed by Metro Properties, part of the Metro Group, on the sale of investment plots totaling 47 hectares and located in 28 cities and towns across Poland. The plots are located in some of the largest urban centers in the country, including Warsaw, Kraków, ¸ódê, Poznaƒ, and Wroc∏aw, and usually lie adjacent to plots housing existing Makro Cash & Carry facilities. Most of the pieces of land in question are covered by valid zoning plans that allow for the construction of projects with retail and service functions, or the development of logistics operations, on them.
Grupa PHN signs Polish Post Real estate company Grupa PHN and the Polish Post (Poczta Polska) have signed a preliminary agreement concerning the lease of approximately 7,000 sqm of office space in the Intraco high-rise building in Warsaw. The tenant will stay in the skyscraper until a new office building that Grupa PHN is planning to build on ul. Domaniewska in the capital’s Mokotów district, is finished. The Polish Post will then move into that facility .●
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LOKALE IMMOBILIA – REAL ESTATE
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JULY 23 – AUGUST 6, 2012
Allotment gardens
Ruling paves way for real estate revolution in Polish cities Poland’s allotment gardens, worth an estimated minimum of z∏.20 billion, will soon change hands
trary, the judgment described them as “a vital element of the landscape of Polish towns and cities.”
Land devoted to allotment gardens in Warsaw could be worth z∏.10.7 billion Worth a fortune PZD is currently the sole entity allowed to distribute and manage Poland’s 966,000 allotment gardens, and does so free of any fees or taxes. An estimated 1 million families use the allotments. In total this land, overwhelmingly situated in central urban locations, is worth a
minimum of z∏.20 billion, based on figures from Poland’s Central Statistical Office, according to real estate advisory firm Home Brokers. But these plots are likely worth much more. Based on other data, this time from Colliers International, Home Brokers estimates that in
Warsaw land currently under the control of PZD is worth z∏.10.7 billion. In Wroc∏aw, land dedicated to allotment gardens could be worth z∏.9.6 billion, z∏.4.4 billion in Poznaƒ, and z∏.3.1 billion in ¸odê. In its judgment, the tribunal underlined that it did not find allotments, as such, unconstitutional. On the con-
Polish parliamentarians will have 18 months to replace the law governing allotments. In the meantime, the legal position of allotments holders should not change, according to Jakub Ruiz, associate at law firm Bird & Bird. If the new act is not in place by then however, the land will automatically return to the state or local authorities. “Cites and communities would then be free to do whatever any owner of real estate property is allowed to do: rent it, lease it or sell it. They could also leave the allotments in their place,” said Mr Ruiz. Once the act is in place, it is also possible that cities and communities will regain their powers over the properties occupied by the allotments, including the right to collect taxes, the right to move or
Alice Trudelle
Office space
Property-related stocks Security
Closing price on July 19
% change (week)
52-week low
52-week high
% change (year)
Total shares
Market value (z∏. mln)
BUDIMEX
55.00
-3.51
50.00
89.00
-40.22
25,530,098
1,404.16
CELTIC
8.80
-7.17
8.00
23.00
-57.07
34,068,252
299.80
DOMDEV
26.31
-0.72
23.50
47.50
-45.04
24,670,397
649.08
ECHO
3.65
-3.69
3.00
4.85
-32.16
420,000,000
1,533.00
ELBUDOWA
96.85
1.52
82.25
156.70
-39.47
4,747,608
459.81
ENERGOPLD
0.67
-8.22
0.59
3.93
-82.46
70,972,001
47.55
ERBUD
13.99
3.63
12.52
25.00
-54.13
12,644,169
176.89
GANT
5.70
-4.04
5.65
11.55
-51.74
20,499,953
116.85
GTC
6.25
-0.64
5.13
17.90
-64.31
219,372,990
1,371.08
HBPOLSKA
0.15
-11.76
0.14
1.90
-93.33
210,558,445
31.58
JWCONSTR
4.26
-0.93
3.81
13.80
-71.49
54,073,280
230.35
LCCORP
1.24
-0.80
0.81
1.50
-12.06
447,558,311
554.97
MARVIPOL
10.93
0.00
6.11
11.00
9.85
36,923,400
403.57
MIRBUD
1.07
-1.83
0.87
3.51
-72.35
75,000,000
80.25
MOSTALWAR
14.20
0.35
11.13
30.79
-54.89
20,000,000
284.00
MOSTALZAB
0.87
-2.25
0.85
2.35
-67.29
149,130,538
129.74
ORCOGROUP
8.50
-11.92
8.20
32.65
-73.26
35,415,406
301.03
PBG
7.70
-11.49
5.21
150.00
-94.83
14,295,000
110.07
PLAZACNTR
2.29
2.23
1.71
3.79
-42.75
297,174,515
680.53
POLAQUA
4.80
-4.00
4.37
18.36
-74.03
27,500,100
132.00
POLIMEXMS
0.61
-23.75
0.58
3.07
-81.90
521,154,076
317.90
POLNORD
14.00
-1.13
10.23
22.97
-48.15
23,798,439
333.18
RANKPROGR
7.99
3.63
7.20
18.00
-36.08
37,145,050
296.79
ROBYG
1.22
2.52
1.02
1.87
-35.79
257,935,500
314.68
RONSON
0.83
1.22
0.75
1.22
-41.13
272,360,000
226.06
TRAKCJA
0.70
-10.26
0.63
2.96
-77.12
232,105,480
162.47
ULMA
39.20
0.38
37.50
79.95
-51.00
5,255,632
206.02
UNIBEP
4.14
-15.34
4.00
6.65
-37.18
34,021,684
140.85
WARIMPEX
3.10
0.00
2.92
8.50
-63.74
54,000,000
167.40
ZUE
6.30
-3.08
5.02
11.25
-36.43
22,000,000
138.60
Skanska to launch new office project in Wroc∏aw Green Day will be the company’s third office investment in the city Developer Skanska Property Poland is starting work on a new office investment in Wroc∏aw, western Poland. Called Green Day, the project will be the company’s third office project in the city. “We are starting another office project in Wroc∏aw as we believe in the potential of the city,” Marcin ¸apiƒski, regional director at Skanska Property Poland, said in a statement. The building will be located on the junction of ul. Wyszyƒskiego and ul. Szczytnicka, near the Grunwaldzki Center and the old town. Designed by Wroc∏awbased firm Maçków Pracownia Projektowa, the sevenstorey building will include 15,930 sqm of leasable space as well as a two-floor underground parking lot able to accommodate 218 cars. The general contractor is Skanska. The developer hopes to complete construction by the first quarter of 2014. The Green Day project has been designed as a modern
COURTESY OF QUESTIA
In a much-awaited verdict, Poland’s Constitutional Tribunal struck down legislation granting the Polish Association of Allotment Holders (PZD) a monopoly on the management of Poland’s allotment gardens (dzia∏ki) on July 11. Out of the 50 provisions of the 2005 Act on Family Allotment Gardens, 24 were deemed unconstitutional, chiefly because they gave a monopoly status to the PZD over access and management of the sites. Comparing the situation with allotment gardens in neighboring Austria, the Czech Republic, Germany and Slovakia, the judges found that other legal systems guaranteed a balanced protection of both the interests of land owners and allotment holders, which was not the case in Poland.
ALICE TRUDELLE/WBJ
What next?
even cancel a given allotment and rent or sell the property, he added. With all the main political parties having announced that they have their own plans for a new bill, it is yet unclear what the act will contain. Some, like the former leader of the Democratic Left Alliance (SLD), Grzegorz Napieralski, say they are concerned that under the influence of developer, the allotment gardens could be scrapped. Others see an opportunity for cities to develop residential and public space, and to plug holes in municipal budgets. “It is difficult to accept the fact that in the very center of Warsaw … is an area that is at the exclusive disposal of a few dozens or hundreds of people, when this area could be used for example as a publicly accessible urban park,” Jacek Bielecki, head of the Polish Association of Developers (PZFD), told news agency Newseria.
Green Day will offer 15,930 sqm of leasable space class-A office building built in line with Skanska’s emphasis on sustainable and eco-friendly development, the company said. It has already been LEED pre-certified with a Gold rating. To date in Wroc∏aw, the company has built Grunwaldzki Center on Pl. Grunwaldzki, work on which was completed in 2009, and the first of two buildings in the Green Towers office complex
on ul. Strzegomska. Skanska has also purchased a plot of land near Pl. Dominikaƒski on which it plans to develop another office building. Skanska Property Poland, a part of the Skanska Group, has been operating in Poland since 1997. Investments completed by the company elsewhere in Poland include Deloitte House and Marynarska Point, both in WarAnthony Adams saw.
LOKALE IMMOBILIA – REAL ESTATE
JULY 23 – AUGUST 6, 2012
www.wbj.pl
17
Commercial property
Wilanów attracting commercial space The southern Warsaw district of Wilanów has increasingly been on the radar of commercial space developers of late, with several new investments already underway and a few more expected to kick off in the area in upcoming months. “Wilanów, which has so far been mainly regarded as a residential district, the so-called bedroom of Warsaw, is now beginning a new chapter,” said Anna Osiecka, senior associate at the office agency, landlord representation, of Colliers International in Poland. The changes will mostly concern the district’s huge Miasteczko Wilanów housing project in which a number of development companies, including Warsaw Stock Exchange-listed Polnord, the strategic investor in the scheme, have been involved for the last few years.
Offices galore Polnord has just added two new buildings offering a total of
COURTESY OF ROBYG
The Warsaw district is set to get a number of new office and retail projects in upcoming years
Robyg Business Center will provide over 8,000 sqm of usable space 30,000 sqm of space to its Wilanów Office Park, the first office investment in Miasteczko Wilanów, and is planning further phases of the complex. When completed in approximately five years, the park, worth some €250 million, will consist of 18 buildings with a combined office area of approximately 140,000 sqm, said Micha∏ Âwierczyƒski, vice president of the developer’s management board. Robyg, another WSE-listed developer which, just like Pol-
nord, is now involved in several housing projects in Miasteczko Wilanów, has chosen the area as the location of its first commercial property scheme in Poland. The company is currently building the first phase of the Robyg Business Center investment that will provide over 8,000 sqm of usable space in mid-2013. A planned second phase of the development is expected to deliver a further 27,000 sqm. For its part, developer Capital Park plans to launch
construction on its Royal Wilanów office project within the next few months. The company has already got a building permit for the scheme, which it hopes to deliver in two years’ time. The JEMS Architekcidesigned Royal Wilanów development will house 28,000 sqm of office space and 7,000 sqm of retail and service areas on its five above-ground floors. Three underground levels with parking space for more than 920 cars will also be part of the investment.
Green alternative According to Polnord’s Âwierczyƒski, Wilanów is an attractive alternative to other Warsaw business locations, including the capital’s highly popular S∏u˝ewiec area, due to, among other things, the less intensive nature of its development and steadily improving road infrastructure in the district. The recent Poland-wide My Workplace – Office Barometer 2012 study ordered by the company and carried out by Homo Homini showed that most office workers accept a 45-minute
commute, enough to reach Wilanów from most parts of Warsaw, Mr Âwierczyƒski said. Colliers International’s Osiecka was equally optimistic when it comes to the office potential of the Wilanów district. “In terms of offices, the area offers a great alternative to well-established, but somehow depersonalized, office districts,” she said. “Wilanów offers more individualized and friendly surroundings, plenty of green areas to relax in during working days and a unique atmosphere, which is more and more valued by tenants,” Ms Osiecka added. She stressed that a growing population, strong purchasing power, which is higher than both the Poland and Warsaw average, and lack of modern retail facilities also make Wilanów attractive for developers of retail space. Polnord and GTC are now planning to jointly develop a new mall called Galeria Wilanów that will deliver approximately 75,000 sqm of space. The companies want to apply for a building permit by the end of this year and hope to finish the shopping center in 2014 or 2015, Mr Âwierczyƒski Adam Zdrodowski said.
18
THE LIST
www.wbj.pl
JULY 23 – AUGUST 6, 2012
Education
Largest Business Schools Ranked by number of lecturers in business departments in 2011/2012 Majors Urban planning / Accounting / International relations / Management
Logistics / Tourism and recreation / Computer science / Other business
International academic programs
Wy˝sza Szko∏a Bankowa w Poznaniu Al. Niepodleg∏oÊci 2, 61-874 Poznaƒ 1 61 655-3333/61 655-3227 wsb@wsb.poznan.pl www.wsb.poznan.pl
915 191 197
2,001 1,936 1,861
10,707 9,978 9,273
9,155 8,466 8,073
3,553 3,448 3,071
-
2,487 2,511 2,021
128 64 63
Association of MBAs; Paƒstwowa Komisja Akredytacyjna
✓ ✓ ✓ ✓
✓ ✓
✓ ✓ ✓ ✓
Executive MBA ; Coventry University; University of Abertay Dundee; Uniwersytet Mateja Bela
1994
Beata Filipiak
Wy˝sza Szko∏a Bankowa we Wroc∏awiu ul. Fabryczna 29-31, 53-609 Wroc∏aw 2 71 359-4646/71 359-3680 wsb@wsb.wroclaw.pl www.wsb.wroclaw.pl
816 145 132
2,208 2,044 1,957
9,758 7,006 7,277
9,541 9,194 7,699
2,425 1,690 1,535
-
1,758 1,830 1,403
176 293 207
The Higher Learning Commission; IACBE; Paƒstwowa Komisja Akredytacyjna; Fundacja Promocji i Akredytacji Kierunków Ekonomicznych
✓ ✓ ✓
✓
✓ ✓ -
Erasmus; Projekt Business Week; Coventry University; Northampton University; Franklin University MBA, National Mining University in Dnipropetrovsk
1998
Stefan Forlicz
1906
Adam Budnikowski
Rank
Administration / Economics / Econometrics / Finance and accounting
Number of part-time students in business departments
Number of full-time students in business departments
Number of students Number of lecturers in business departments
www.bookoflists.pl
Company name Address Tel./Fax E-mail Web page
Bachelor’s Master’s Doctoral studies studies studies
Postgraduate studies
MBA
Accreditations
Year founded
Rector
2011/2012 / 2010/2011 / 2009/2010
CEEMAN
✓ ✓ ✓ ✓
✓ ✓ ✓ ✓
✓ ✓
CEMS MIM; EMLE; CEMBA; WEMBA; Polish-American Innovation Management Postgraduate Study Programme; University of Cologne; Viadrina University in Frankfurt; Nova de Lisboa University; Polsko-Niemieckie Forum Akademickie; CergyPontoise University
111 118 131
Paƒstwowa Komisja Akredytacyjna
✓ ✓ ✓ ✓
✓ ✓ ✓
✓ ✓ ✓
Leonardo da Vinci: Greece, Italy, Spain, Finland, Sweden, Portugal, UK, Czech Republic; 7th Frame Program: Germany, Czech Republic, Slovakia, Austria, Hungary; ATLANTIS/STAIR
1925
Roman Niestrój
1,850 1,730 1,470
-
Paƒstwowa Komisja Akredytacyjna; Fundacja Promocji i Akredytacji Kierunków Ekonomicznych
✓ ✓ ✓
✓ ✓ ✓
✓ ✓ ✓
7th Frame Program; Erasmus Mundus; Leonardo da Vinci; DAAD; Students Mobility; Polish-Lithuanian the Youth Exchange Fund
1995
Zdzis∏awa DackoPikiewicz
-
335 361 307
-
Paƒstwowa Komisja Akredytacyjna; European Council for Business Education; International Education Society; SEM FORUM
✓ ✓
✓ ✓ ✓
✓ ✓ -
LPP-Erasmus: Slovenia, Lithuania, Hungary, Turkey, Finland, UK, Belgium, Czech Republic, Denmark, Germany, France, Spain; Knowledge Network - WTO
1991
Krzysztof Szaflarski
3,539 4,268 5,328
109 98 114
205 122 580
54 54
WND
✓ ✓ ✓ ✓
✓ ✓ ✓ ✓
✓
WND
2000
Jerzy Malec
5,419 6,036 6,528
1,461 1,689 1,702
-
256 278 289
-
Paƒstwowa Komisja Akredytacyjna; SEM FORUM
✓
✓
-
Association of Chartered Certified Accountants; MSc in Komputer - Science/Grid computing
1995
W∏odzimierz Roszczynialski
20,044 16,151 10,912
11,815 10,525 7,751
3,558 2,124 1,266
29 15 10
356 285 310
510 411 292
Clark University; Paƒstwowa Komisja Akredytacyjna; NEASC; FEDE
✓ ✓ ✓ ✓
✓ ✓ ✓ ✓
✓ ✓ ✓
Clark University; United Business Institutes; Universidade Alcala de Henares; Universidade Lusofona de Hemanidades e Technologias; Universita degli Studi di Perugia
1995
Roman Patora
4,870 4,000 3,449
5,150 4,301 3,406
940 762 748
-
989 525 513
60 -
Paƒstwowa Komisja Akredytacyjna; Fundacja Promocji i Akredytacji Kierunków Ekonomicznych
✓ ✓ ✓
✓ ✓ ✓
✓ ✓ ✓ -
University of Northampton; International Business and Finance; University of Troyes; California International Business University; Erasmus; Pomorski Port Edukacji i Praktyki
1998
Jan WiÊniewski
2000
Marek ˚migrodzki
1998
Jan G∏uchowski
Szko∏a G∏ówna Handlowa w Warszawie Al. Niepodleg∏oÊci 162, 02-554 Warsaw 3 22 564-6000/22 849-5312 informacja@sgh.waw.pl www.sgh.waw.pl
776 818 813
7,058 7,613 6,679
8,599 9,376 9,661
4,403 4,427 4,368
5,555 5,969 5,159
1,318 1,401 1,476
4,579 5,099 5,214
69 93 123
Uniwersytet Ekonomiczny w Krakowie ul. Rakowicka 27, 31-510 Kraków 4 12 293-5200/12 293-5017 kancelaria@uek.krakow.pl www.uek.krakow.pl
733 738 736
11,120 10,366 10,030
9,825 10,381 10,324
12,165 12,000 11,677
8,780 8,747 8,677
276 265 236
2,434 2,682 3,306
Wy˝sza Szko∏a Biznesu w Dàbrowie Górniczej ul. Cieplaka 1C, 41-300 Dàbrowa Górnicza 5 32 262-2805/32 295-9344 info@wsb.edu.pl www.wsb.edu.pl
720 610 530
1,135 752 390
3,756 3,789 3,878
1,873 1,992 1,900
863 847 899
-
GórnoÊlàska Wy˝sza Szko∏a Handlowa im. Wojciecha Korfantego ul. Harcerzy WrzeÊnia 3, 40-659 Katowice 6 32 357-0500/32 202-6106 sekretariat@gwsh.pl www.gwsh.pl
536 541 563
533 738 754
7,961 8,076 8,141
4,545 5,506 5,453
3,081 2,947 3,135
Krakowska Akademia im. Andrzeja Frycza Modrzewskiego ul. Gustawa Herlinga-Grudziƒskiego 1, 7 30-705 Kraków 12 252-4650/12 252-4651 rektorat@afm.edu.pl www.ka.edu.pl
531 526 561
2,463 3,005 3,786
4,064 5,135 6,152
2,988 3,872 4,610
Wy˝sza Szko∏a Zarzàdzania i BankowoÊci w Krakowie Al. Kijowska 14, 30-079 Kraków 8 12 635-6836/12 635-6838 wszib@wszib.krakow.pl www.wszib.krakow.pl
521 556 503
1,820 2,135 2,247
5,060 5,590 5,983
Spo∏eczna Akademia Nauk (Spo∏eczna Wy˝sza Szko∏a Przedsi´biorczoÊci i Zarzàdzania) 9 ul. Sienkiewicza 9, 90-113 ¸ódê 42 664-6666/42 664-6649 uczelnia@swspiz.pl www.swspiz.pl
491 132 98
1,385 1,228 1,075
Wy˝sza Szko∏a Bankowa w Gdaƒsku ul. Dolna Brama 8, 80-821 Gdaƒsk 10 58 323-8910/58 323-8925 kancelaria@wsb.gda.pl www.wsb.gda.pl
457 259 197
1,220 1,063 705
Wy˝sza Szko∏a Ekonomii i Innowacji w Lublinie ul. Me∏giewska 7/9, 20-209 Lublin 11 81 749-1777/81 749-1777 sekretariat@wsei.lublin.pl www.wsei.lublin.pl
376 347 277
486 WND WND
8,658 WND WND
5,381 5,984 6,056
3,678 3,137 2,678
-
2,203 1,815 2,030
-
Paƒstwowa Komisja Akredytacyjna; Krajowa Rada Akredytacyjna Szkolnictwa Medycznego
✓ ✓ -
✓ ✓
✓
Mobility of Students and Employees in Higher Education; Erasmus: Mobility in Higher Education, Local Government in the Baltic Sea Area, Family Health Nursing in European Communities; Leonardo da Vinci: VETPRO, Innovation Transfer; Policy for Educator Evidence in Portfolios
Wy˝sza Szko∏a Bankowa w Toruniu ul. M∏odzie˝owa 31A, 87-100 Toruƒ 12 56 660-9200/56 660-9208 wsb@wsb.torun.pl www.wsb.torun.pl
310 277 240
813 975 1,001
6,157 6,015 5,643
5,560 5,743 5,441
1,410 1,247 1,203
-
1,367 1,023 1,282
64 -
Paƒstwowa Komisja Akredytacyjna; SEM FORUM; Medal Europejski
✓ ✓
✓
✓ ✓ -
Coventry University; IPAC Group School of Management; Erasmus
THE LIST
www.wbj.pl
Postgraduate studies
MBA
Accreditations
Administration / Economics / Econometrics / Finance and accounting
Number of part-time students in business departments
Number of full-time students in business departments
Number of lecturers in business departments
Rank
Bachelor’s Master’s Doctoral studies studies studies
International Association of Universities; the World Council and Assembly on Cooperative Education
✓ ✓
Logistics / Tourism and recreation / Computer science / Other business
Majors
Number of students
Company name Address Tel./Fax E-mail Web page
19
Urban planning / Accounting / International relations / Management
JULY 23 – AUGUST 6, 2012
International academic programs
Year founded
Rector
✓ ✓
✓ ✓ -
Erasmus
1996
Krzysztof Rybiƒski
✓
✓ ✓
Leipzig Graduate School of Management; Faculty Training in American University Washington DC; Erasmus; TOPSIM International Management Strategic Game
1997
Zdzis∏aw Jagie∏∏o
2011/2012 / 2010/2011 / 2009/2010
Uczelnia Vistula (Wy˝sza Szko∏a Ekonomiczno-Informatyczna) 13 ul. Stok∏osy 3, 02-784 Warsaw 22 457-2300/22 457-2303 rektorat@vistula.edu.pl www.vistula.edu.pl
217 221 288
615 520 480
2,455 2,638 2,784
2,358 2,326 2,425
780 732 768
-
195 181 100
-
Wy˝sza Szko∏a Handlowa we Wroc∏awiu ul. Ostrowskiego 22, 53-238 Wroc∏aw 14 71 333-1102/71 333-1102 rektorat@handlowa.eu www.handlowa.eu
180 190 198
350 390 450
3,200 3,400 3,550
1,950 2,400 2,900
1,600 1,390 1,100
-
340 280 320
20 -
WND
✓ ✓ ✓
Akademia Leona Koêmiƒskiego ul. Jagielloƒska 57/59, 03-301 Warsaw 15 22 519-2100/22 814-1156 akademia@kozminski.edu.pl www.kozminski.edu.pl
154 157 WND
2,502 WND WND
2,968 WND WND
3,288 WND WND
2,182 WND WND
150 WND WND
1,780 1,770 1,805
460 380 540
AACSB; EQUIS; AMBA; CEEMAN
✓ ✓ ✓
✓
✓
MBA; EMBA; LLM
1993
Witold T. Bielecki
Uniwersytet Gdaƒski - Wydzia∏ Zarzàdzania ul. Armii Krajowej 101, 81-824 Sopot 16 58 523-1434/58 523-1173 wzr@wzr.pl www.wzr.pl
151 154 153
5,207 5,386 4,972
2,424 2,526 2,464
2,502 2,788 2,804
2,705 2,598 2,358
128 135 136
987 1,002 1,024
WND WND WND
Paƒstwowa Komisja Akredytacyjna
✓ ✓
✓
-
Innodoktorant
1968
Bernard Lammek
Wy˝sza Szko∏a Zarzàdzania i Prawa im. Heleny Chodkowskiej Al. Jerozolimskie 200, 02-486 Warsaw 17 22 539-1900/22 539-1901 uczelnia@chodkowska.edu.pl www.chodkowska.edu.pl
136 124 118
134 162 129
2,236 2,195 2,054
1,490 1,613 1,478
880 744 705
WND WND WND
215 157 211
WND WND WND
WND
✓ ✓
✓
-
Erasmus; Leonardo da Vinci
1992
Ryszard Grosset
Uczelnia ¸azarskiego ul. Âwieradowska 43, 02-662 Warsaw 18 22 543-5430/22 543-5480 info@lazarski.edu.pl www.lazarski.edu.pl
111 80 78
1,095 1,116 1,005
1,416 1,268 1,106
1,585 1,567 1,391
2,418 2,647 2,567
11 10 12
552 259 344
60 63 23
Delaware Department of Education; University of Wales; Center for International Legal Studies in Salzburg; University of Kentucky; University of Wisconsin La Crosse; Instytut Paƒstwa i Prawa Rosyjskiej Akademii Nauk
✓ ✓ ✓
✓ ✓ ✓
✓
University of Wales
1993
Daria Na∏´cz
Szko∏a Biznesu Politechniki Warszawskiej ul. Koszykowa 79, 02-008 Warsaw 19 22 234-7089/22 234-7016 mba@biznes.edu.pl www.biznes.edu.pl
106 94 85
21 30 25
279 190 171
-
-
-
175 199 92
125 135 155
EPAS
-
-
✓
HEC School of Management Paris; PBS London Business School; NHH Norwegian School of Economics and Business; OXFORD SAID Business School; Cass Business School
1991
WND
Wy˝sza Szko∏a Humanitas w Sosnowcu ul. Kiliƒskiego 43, 41-200 Sosnowiec 20 32 363-1200/32 363-1207 sekretariat@humanitas.edu.pl www.humanitas.edu.pl
89 42 36
38 80 111
1,641 2,052 2,705
716 1,028 1,405
963 1,104 1,411
WND WND WND
176 238 545
WND WND WND
Paƒstwowa Komisja Akredytacyjna; Fundacja Rozwoju Edukacji i Szkolnictwa Wy˝szego
✓ -
✓ ✓
✓
Partnership in science; Lecture Humanitas; LLP Erasmus
1997
Jerzy Kropel
Wy˝sza Szko∏a Ekonomiczna w Bia∏ymstoku ul. Choroszczaƒska 31, 15-732 Bia∏ystok 21 85 652-0925/85 652-0925 wse@wse.edu.pl www.wse.edu.pl
78 92 97
83 140 198
558 844 1,049
343 524 661
298 459 586
-
-
-
Paƒstwowa Komisja Akredytacyjna
✓ -
✓ -
-
Universidade Da Beira Interior Coviha; Universidade Tecnica de Lisboa; Instituto Superior de Gestão; University of National and World Economy; Szent Istvan University; Akseray Universitesi
1996
Miros∏awa Cywoniuk
Wy˝sza Szko∏a Ekonomiczno-Humanistyczna ul. Sikorskiego 4C, 43-300 Bielsko-Bia∏a 22 33 816-5169/33 816-5169 wseh@wseh.pl www.wseh.pl
63 31 32
-
537 480 414
248 480 414
89 -
-
200 -
-
Paƒstwowa Komisja Akredytacyjna; FEDE
-
✓
✓
Erasmus
1997
Czes∏aw Bugdalski
Wy˝sza Szko∏a Ekonomiczna w Stalowej Woli ul. 1 Sierpnia 26, 37-450 Stalowa Wola 23 15 844-6543/15 844-6543 wse@stalowawola.pl www.wse.stalowawola.pl
46 54 78
-
403 555 661
306 456 559
WND WND WND
-
97 99 102
-
WND
✓ -
-
✓
WND
1997
Janusz Bek
Wy˝sza Szko∏a Humanistyczno-Ekonomiczna we W∏oc∏awku Pl. WolnoÊci 1, 87-800 W∏oc∏awek 24 54 425-2007/54 425-2007 biurorektora@wshe.pl www.wshe.pl
23 26 25
18
275 381 534
275 381 552
-
-
19 33 41
-
Paƒstwowa Komisja Akredytacyjna; Krajowa Rada Akredytacyjna Szkolnictwa Medycznego
✓ ✓ -
-
-
UE From Local to Global; Socrates-Erasmus
1995
Stanis∏aw Kunikowski
Notes: WND = Would Not Disclose. Research for the List was conducted in January 2012. Number of employees is as of December 2011. Schools not responding to our survey are not listed.
To the best of WBJ ’s knowledge, the information is accurate as of press time. While every effort is made to ensure accuracy and thoroughness, omissions and typographical errors may occur. Corrections or additions to The List should be sent, on official letterhead, to Warsaw Business Journal, attn. Katarzyna Hernik, ul. Elblàska 15/17, 01-747 Warsaw, via fax to (+48) 22 639-8569, or via e-mail to wbjbol@wbj.pl. Copyright 2011, Valkea Media SA. The List may not be reprinted or reproduced in whole or in part without prior written permission of the publisher. Reprints are available.
20
MARKETS
www.wbj.pl
JULY 23 – AUGUST 6, 2012
Stocks report
world stock indices DJIA
NASDAQ
12,943.36 (July 19 close)
S&P500
2,965.90 (July 19 close )
2.94% (for the week)
FTSE100
1,376.51 (July 19 close)
3.48% (for the week)
DAX
5,714.2 (July 19 close)
3.13% (for the week)
1.89% (for the week)
Sluggish week for WIG
NIKKEI225 6,758.39 (July 19 close)
8,795.55 (July 19 close)
5.28% (for the week)
-0.26% (for the week)
CHANGE: 1.42%
CHANGE: 8.21%
CHANGE: 4.52%
CHANGE: -1.61%
CHANGE: 5.66%
CHANGE: 1.87%
(year to July 19)
(year to July 19)
(year to July 19)
(year to July 19)
(year to July 19)
(year to July 19)
52-week high: 13,243.83
52-week high: 3,134.17
52-week high: 1,422.38
52-week high: 6,103.70
52-week high: 7,600.41
52-week high: 10,255.20
52-week low: 10,404.49
52-week low: 2,298.89
52-week low: 1,074.77
52-week low: 4,791.01
52-week low: 4,965.80
52-week low: 8,135.79
Andrew Nawrocki WBJ market analyst The week ending July 20 was a quiet period for Polish stocks, with relatively low volumes being traded throughout the week. On Monday, both the overall WIG and blue-chip WIG20 dipped at opening, remaining under Friday’s close until the end of the day. Poor retail sales figures from the US for June did not help stocks in Europe in late trading, and most indices closed lower. Both the WIG and WIG20 shed nearly 0.10 percent, with shares in TVN being hit hardest. Tuesday, July 17 proved just as uneventful as Monday, with the WIG (0.37 percent) and WIG20 (0.09 percent) managing to close slightly higher. A gloomy economic outlook by Federal Reserve chairman Ben Bernanke kept hopes alive that
Major indices WIG
40,545.64 (July 19 close)
WIG20
2,198.92 (July 19 close)
19.07
18.07
17.07
16.07
13.07
12.07
11.07
10.07
09.07
06.07
05.07
04.07
03.07
19.07
18.07
17.07
16.07
13.07
12.07
11.07
10.07
09.07
2,000
06.07
36,000
05.07
2,060
04.07
37,200
03.07
2,120
02.07
38,400
29.06
2,180
28.06
39,600
27.06
2,240
26.06
40,800
25.06
2,300
22.06
42,000
02.07
52-week low: 2,089.84
29.06
Change year to July 19: 0.22%
28.06
52-week low: 36,549.47
27.06
52-week high: 2,932.62
Change year to July 19: 5.81%
26.06
Change for the week: 2.09%
25.06
52-week high: 50,219.70
22.06
Change for the week: 1.93%
Top 5 Closing ALTERCO 5.35 ANTI 2.01 BOMI 0.43 AZOTYTARNOW 43.86 MERCOR 11.01
% change (week) 52-week high 51.99 47.98 41.55 2.39 38.71 6.29 21.80 44.10 19.03 16.80
52-week low 2.55 0.56 0.30 23.65 6.80
Top 5 TAURON GETIN PZU TPSA CYFRPOLSAT
Closing 4.68 1.70 326.40 16.22 14.80
% change (week) 8.84 6.25 6.00 5.46 4.23
52-week high 6.52 2.15 381.50 18.56 16.39
52-week low 4.10 1.32 283.10 14.30 11.60
Bottom 5 ESTAR POINTGROUP SEKO ABMSOLID VINDEXUS
% change (week) -34.31 -33.33 -28.17 -27.69 -26.17
52-week low 95.25 0.10 2.50 0.45 3.33
Bottom 5 POLIMEXMS PBG TVN PGNIG GTC
Closing 0.61 7.70 8.23 3.95 6.25
% change (week) -23.75 -11.49 -4.19 -2.23 -0.64
52-week high 3.07 150.00 17.09 4.44 17.90
52-week low 0.58 5.21 7.38 3.25 5.13
Closing 95.25 0.10 2.78 0.47 3.47
52-week high 145.00 1.25 9.52 6.70 8.50
Currency report
Z∏oty continues rallying
Other indices sWIG80
9,504.65 (July 19 close)
52-week high: 2,959.86
Change for the week: 1.38%
Change year to July 19: 4.09%
52-week low: 2,076.52
Change year to July 19: 10.46%
NewConnect
34.88 (July 19 close)
19.07
18.07
17.07
16.07
13.07
12.07
11.07
10.07
WIG-Banki
5,745.41 (July 19 close)
Change for the week: -0.26%
52-week high: 58.92
Change for the week: 1.06%
52-week high: 7,316.39
Change year to July 19: -15.93%
52-week low: 40.19
Change year to July 19: 3.65%
52-week low: 4,944.19
40
Adam Narczewski X-Trade Brokers DM SA
0 09.07
0 06.07
0 05.07
0
52-week low: 8,218.71
03.07
02.07
29.06
28.06
27.06
26.06
25.06
19.07
18.07
17.07
16.07
13.07
12.07
11.07
10.07
09.07
8,000
06.07
2,000
05.07
8,400
04.07
2,100
03.07
8,800
02.07
2,200
29.06
9,200
28.06
2,300
27.06
9,600
26.06
2,400
25.06
10,000
22.06
2,500
22.06
0
52-week high: 12,932.00
0
2,279.77 (July 19 close)
Change for the week: 2.31%
04.07
mWIG40
6,100 5,900
38
5,700 5,500
36
SOURCE: WSE
19.07
18.07
17.07
16.07
13.07
12.07
11.07
10.07
09.07
06.07
05.07
04.07
03.07
02.07
29.06
28.06
27.06
26.06
25.06
22.06
5,100
19.07
18.07
17.07
16.07
13.07
12.07
11.07
10.07
09.07
06.07
05.07
04.07
03.07
02.07
29.06
28.06
27.06
26.06
25.06
22.06
5,300 34
the US central bank may take steps to stimulate growth in the near future. Shares of Kernel gained the most, while shares of developer JSW saw large falls. Wednesday saw the WIG20 leading Europe in declines before noon. After it was revealed that additional shares in PKO BP would be sold by the state, banking and construction shares tumbled. The WIG closed 0.14 percent lower, while the WIG20 shed 0.28 percent. The week’s losses were largely recouped on Thursday, as sentiment across Europe improved. The WIG gained 0.43 percent, while the WIG20 managed to close 0.64 percent higher. Finally on Friday, the WIG lost 0.98 percent, while the WIG20 lost 1.20 percent. ●
The z∏oty market is continuing to ignore worrisome signs coming from various economies, including the US and the euro zone. Although a bailout of Spanish banks will probably take place there is still no clear strategy regarding how to solve the underlying debt crisis. US Federal Reserve chairman Ben Bernanke did not help the market, since he didn’t explicitly state the actions the bank might take to kickstart the US economy. The EUR/USD traded in the $1.2170-$1.2325 range in the week ending July 20 and for a stronger rebound it would need to break the resistance level. I expect the EUR/USD market to test the lower levels of that range and slide even lower, as the euro is under pressure. It finished the week
ending July 20 trading just below $1.22, a 100-point drop over the previous two weeks. The z∏oty is ignoring the negative signs, not only from the global economy but also local – Polish inflation rose while industrial production increased in June, but only by 1.2 percent y/y. Despite that, the zloty was one of the major winners in the middle of July. Its appreciation was mainly caused by foreign capital searching for higher rates of return, thus investors purchased emerging market countries’ debt. This increased demand caused yields on Polish 10year bonds to decline to their lowest level since 2006. Due to that, the z∏oty continued to appreciate at the end of the week with the EUR/PLN declining to zl.4.16 and the USD/PLN to zl.3.41. ●
currency rates 4.2948
4.3109
04.07
05.07
4.3208
4.2961 03.07
06.07
4.3458 02.07
SOURCE: NBP
4.3479 4.0
29.06
0.1063 06.07
0.1055
0.1049
PLN-100JPY
4.8
05.07
04.07
0.1049 03.07
02.07
0.1054 29.06
3.4630
3.4662 06.07
0.1
0.1051
PLN-RUB
0.11
05.07
3.4730 04.07
3.4791 03.07
3.5018
3.4924 02.07
06.07
05.07
04.07
03.07
29.06
5.3299
5.3049
5.3050
5.3077
5.3217
PLN-CHF
3.6
3.4
02.07
5.20
29.06
3.3961 06.07
3.3900
5.35
5.3381
PLN-GBP
5.50
05.07
3.3950 04.07
3.4463
3.3973 03.07
02.07
3.2
29.06
4.1629 06.07
4.1596
3.5
3.4353
PLN-USD
3.8
05.07
4.1782
4.1705 04.07
02.07
4.1
29.06
4.2
03.07
4.2055
4.1939
PLN-EUR
4.3
SPORTS
JULY 23 – AUGUST 6, 2012
www.wbj.pl
21
American football
The Seahawks celebrating their first PLFA Championship win
little defense. In the end, the Seahawks won the day on the back of the phenomenal play of their quarterback, league and game MVP Kyle McMahon. Mr McMahon accounted for 40 of the Seahawks’ 52 points, scoring three touchdowns rushing, three passing, and kicking four extra points. “This title was not won by one person. It was won by the entire team,” said Mr McMahon after the game. “Some of our players have waited six years for this moment.” One of those players was Seahawks running back Sebastian Krzysztofek – a six-year veteran of the league and a perennial contender for best running back in the league. He scored two touchdowns, one receiving and one rushing. The Eagles offense, led by quarterback Kevin Lynch and wide receiver Ty Landrum, also put up impressive numbers, but in the end couldn’t keep up with Mr McMahon and the Seahawks. The game’s lone turnover, an interception on the Eagles’ opening drive, put the Seahawks ahead by two touchdowns early, allowing them to remain in the driver’s seat for the entire game. Running backs Piotr Osuchowski, Adam Nawrocki and fullback Dawid Wi´ckowski all put in inspired performances for the Eagles.
Olympics
Polish soccer
League, a record turnout for a sport most in the country had brushed off as little more than a sideshow. Instead, the attendance broke European records: the German league, the most popular in Europe, hadn’t seen such a turnout in 11 years, while the Eurobowl, the continent’s international championship, had never boasted such a crowd. “This is a key moment for the development of American
COURTESY OF MARCIN WARPECHOWSKI
Over 23,000 people piled into Poland’s National Stadium in Warsaw to watch the championship of the top division of the Polish American Football
football in Europe,” said Tommy Wiking, president of the International Federation of American Football. “In 10 years, we will look back at this match as a breakthrough. We cannot stress [enough] the importance of the step taken by the Polish league.” The game itself – between the regular season’s two top teams, Seahawks Gdynia and the Warsaw Eagles – was a spectacular shootout that included 13 touchdowns and
The Seahawks proved too strong for the Eagles The game featured a partylike atmosphere that began four hours ahead of game time, with a concert, tailgating (pre-game grilling) and the opportunity for attendees to
try on actual American football equipment, as well as lotteries, contests and prizes. Andrew Kureth, Zofia Ró˝alska and Anthony Adams
COURTESY OF MARCIN WARPECHOWSKI
Seahawks Gdynia beat the Warsaw Eagles 5237 in a fast-paced shootout that was seen by one of the largest crowds ever to watch an American football game in Europe
COURTESY OF MARCIN WARPECHOWSKI
Record crowd turns out for PLFA championship
MVP Kyle McMahon
Men’s volleyball team gunning for Waldemar Fornalik London Olympic gold named new national team coach and I believe that we can show even better.” Poland will play in Pool A at the Olympics, alongside hosts Great Britain, Italy, Argentina, Bulgaria and Australia. The team’s first match takes place on July 29 against Italy. The six other teams in the event are Brazil, Russia, the US, Serbia, Germany, and Tunisia.
COURTESY OF FIVB.ORG
The Polish men’s volleyball team go to the London Olympics with a real chance of bringing home their first gold medal since the 1976 games, following their 3-0 victory over the US in the FIVB World League final in July. The team, which is managed by Italian coach Andrea Anastasi, secured the title with a comprehensive drubbing of the US after previously overcoming a strong Brazil side in the semifinals. Speaking after Poland’s first international title in 36 years, Mr Anastasi said, “For every coach this result would bring pride. This is proof that [my] ideas were very good. Therefore, I am very pleased.” “This is a historic moment for the Poles, but for me, because it is the third time as a trainer that I managed to
win this prestigious game,” he added. Mr Anastasi, who previously won the World League with Italy in 1999 and 2000, said his players now travel to London with a good chance of winning a medal. “[O]f course we can lose. It can always happen. I’m just a coach, not a miracle worker, but I know one thing – our game is improving steadily,
Poland’s title-winning volleyball team
David Ingham
The former Ruch Chorzów manager has replaced Franciszek Smuda at the helm Waldemar Fornalik has been confirmed as the new manger of the Polish national team, the country’s soccer association (PZPN) announced in early July. Mr Fornalik, who was head coach at Ektraklasa side Ruch Chorzów last season, replaces Franciszek Smuda, whose contract was not extended following Poland’s failure to qualify for the knockout stages of Euro 2012. “It was a democratic choice,” said PZPN president Grzegorz Lato. He said that 11 members of the board had picked Mr Fornalik, with Jerzy Engel receiving three votes and the final candidate, Jacek Zieliƒski, not getting a single vote. “If we qualify for the World Cup in Brazil, this contract will be extended until the end of the tournament,” Mr Lato
COURTESY OF WIKIMEDIA COMMONS
They are in confident mood after winning the FIVB World League final
Poland’s national team said. Following the confirmation that he had been given the job, Mr Fornalik said, “It is a big challenge and a big responsibility as I know how large Poland fans’ expectations are. Of course it is a big honor to guide the national team.” “I knew that PZPN would decide today, but I did not change my duties because of that. When they were discussing and voting, I was in my garden cutting the grass. As far as the national team is con-
cerned, the door is open for every player,” he added. His first task as manager is a friendly with Estonia in Tallinn on August 15, before his team begins a difficult qualifying group for the 2014 World Cup. Poland has been drawn in Group H alongside England, Moldova, Montenegro, San Marino and Euro 2012 co-hosts Ukraine. Their first qualifying match is against Montenegro on September 7. David Ingham
22
LIFESTYLE
www.wbj.pl
Concert
JULY 23 – AUGUST 6, 2012
Festival
Material girl plays Poland Raw
SHUTTERSTOCK
Off Festival August 2-5 Various venues, Katowice
Madonna Madonna August 1 National Stadium Warsaw Madonna’s long-awaited appearance in the capital is set to take place at the start of August. The singer, who has sold over 300 million records in a career spanning 30 years, will perform in front of thousands of fans at Warsaw’s newly built National Stadium. The concert, which is part of Madonna’s current world tour to promote her 12th studio album, “MDNA,” will see the
Material Girl supported by world-famous British DJ and music producer Paul Oakenfold. Mr Oakenfold made his name as a DJ in Ibiza and London during the early 1990s and has since gone on to produce songs for the Happy Mondays, as well as remix numerous tracks by artists including U2 and Depeche Mode. Not everyone is happy about the concert, though, with some taking issue with the fact it is taking place on August 1, the anniversary of the Warsaw Uprising.
Amber Room Al. Ujazdowskie 13 amber-room.pl The blissful but short season of terrace-dining is upon us, and with it the occasion to catch some sun while doing business over lunch. There are few spots in Warsaw that mix a lovely outdoor setting with a great menu. Amber Room, which until recently was the Polish Business Roundtable’s exclusive restaurant, is one of them. First, let’s talk location. Smack in the center of the embassy district, near the Polish Sejm and in front of the beautiful Ujazdów Park, the restaurant is located in a former palace. The wide terrace of the Renaissance-inspired 19th-century Sobaƒski Palace, once fit for Warsaw’s aristocracy, now welcomes the capital’s business leaders, diplomats and politicians. The cuisine of chef Robert
successful solo career. The band reformed in 2003 and have since released one album, “The Weirdness,” in 2007. Fans of the band can expect to hear the group’s most famous hits “I Wanna Be Your Dog,” and “Search and
Destroy,” as well as a full-on performance from the group’s legendary lead singer. The four-day festival will also feature Metronomy, Death in Vegas, Kurt Vile and the Violaters, among numerous other acts. David Ingham
Footbag
33rd Annual IFPA World Footbag Championships July 29-August 4 Józef Pi∏sudski University of Physical Education ul. Marymoncka 34 Warsaw For the first time in its history the world championships of the unusual sport of footbag
David Ingham
For more information log on to stadionnarodowy.org.pl
fish aside, this very same produce had found its way into this reviewer’s grocery bag just days before, during a shop at Warsaw’s Hala Mirowska market. The good news is, these three-course menus come up to just z∏.79 in the business lunch formula. And if you haven’t had enough or want to make the most of this delightful location this summer, Amber Room has just decided to open on the weekends. Alice Trudelle
Reservations: 22 523 66 64 recepcja.palac@twe.com.pl
COURTESY OF AMBER ROOM
WBJ’s restaurant review feature
Iggy Pop and The Stooges
Hacky-sack champs
Members of Catholic groups, right-wing politicians and World War II veterans have suggested that the concert should not take place on such a historic date. In an attempt to appease protesters, Live Nation, the entertainment company responsible for the concert, has agreed to screen a short film documenting the Warsaw Uprising before Madonna’s performance.
Summer delight Skubisz, greatly influenced by seasonal and local produce, more than rises up to the prestigious surroundings. The business lunch menu, which changes daily, often features ingredients that can be sourced at local markets across the city, albeit in much more sophisticated forms. For instance this reviewer had the pleasure of tasting the season’s first chanterelles in a delicate cream, an original take on the summer’s omnipresent broad beans to accompany a light fillet of barramundi, and a decadent strawberry cream cake. The
This year’s Off Festival will be headlined by influential Detroit rock band The Stooges, who are led by often controversial frontman Iggy Pop. The band, which formed back in 1967, released three albums during their first incarnation (“The Stooges,” “Fun House” and “Raw Power”) before going on a 29-year hiatus while Iggy Pop launched a
COURTESY OF WIKIMEDIA COMMONS
rock
will come to Poland. The game involves players using a small ball (commonly known as a hacky sack) to compete in two main events – net and freestyle. In footbag net, players (either playing individually or with a partner) volley a footbag back and forth over a fivefoot-high net. In the freestyle form of the game competitors
perform tricks with judges evaluating players in four categories: presentation, difficulty, variety and execution. Over 300 contestants from countries around the world are set to compete throughout the six-day event, which is free to the public. David Ingham
For more information log on to footbag.org
LAST WORD
JULY 23 – AUGUST 6, 2012
www.wbj.pl
23
Tech Eye
Techeye’s greatest ambition is to have a paying audience for our one-man interpretive dance. Perhaps that sounds unambitious, but it’s proven inexplicably difficult to interest people in a performance about a killer whale which ingests irradiated corn, goes insane and flops across half a continent to pursue fiery vengeance against Iowa, the biggest corn producer in the United States. It’s called “The Cornflagration: a Tale of Well-Orcastrated Revenge.” Sadly no one has been willing to finance it so far, not even Mom. In the past that might have stopped visionaries like Techeye, but times have changed. Nowadays, people with far goofier dreams than ours are securing financing through crowd-funding sites. The premise is simple – make your pitch and set a monetary goal. Wouldbe backers check out your project and,
ber of other genres, such as art, dance, music, photography and theater. But where the site gets really interesting is tech funding. Take the Ouya, a project whose eponymous developer aims to blur the line between gaming and game development. The Ouya is an opensource game console running an adapted version of Android (Google’s mobile phone/tablet operating system). There are obstacles – few Android games support the resolution needed for large screens and there are security concerns – but Ouya’s makers are confident these can be overcome. The console has a Tegra3 quad-
core processor, 1 GB of RAM and 8 GB of storage. It supports 1080p HD and also functions as a developer kit to help budding game makers. The best part? It’s only expected to cost $99. No release date has been confirmed, but the people behind Ouya asked for $950,000 and got $4.59 million, which should speed things along. Another interesting Kickstarter project is the Pebble E-Paper Watch (Getpebble.com), a device which brings the customizability and connectivity of a smart phone to your wrist. It’s also the crowd-funding platform’s reigning champion in terms of financing – the folks at Pebble Technology asked for $100,000 and got $10.26 million. Not bad for a month’s worth of beggary. The Pebble has a 1.26-inch monochrome e-paper display; the e-paper is similar to what you’d see on a Kindle, but it’s also backlit. Communication with Android or iOS devices is achieved via Bluetooth. Downloadable apps, changeable watch faces and silent alerts (for things like calls, mail and messages) are where the
COURTESY OF IMAGINARYMARCHINGBAND.COM
if they’re enticed, make a pledge. The money is held in an account until the project meets its goal; if the goal isn’t met, the pledge is returned. There are several crowd-funding platforms around these days, but the one making the most headlines is Kickstarter (Kickstarter.com). Founded in 2008, the site really took off earlier this year when game designer Tim Schafer (of Double Fine Productions) asked for $400,000 to fund an old-school computer game. He ended up with $3.3 million. Since then Kickstarter has been the go-to place for designers looking to fund niche games, but the site is also helping creative types in a num-
COURTESY OF PEBBLE TECHNOLOGY
COURTESY OF OUYA
Tech for the people, funded by the people
Pebble really hopes to make its name, but we’ll have to wait until “early 2013” to see how well this goal is achieved. Expected cost: $150 per unit. Kickstarter is also funding many other tech projects, such as Trioh! The World’s Most Beautiful Flashlight and the Imaginary Marching Band (pictured). The latter is a series of aesthetically challenged gloves described by their creator, Scott Peterman, as “open-source wearable instruments that allow people to create real music through pantomime.” Mr Peterman met his $10,000 goal, so we’ll probably see more of the Imaginary Marching Band. And since weirdness like that is getting funded, Techeye is confident that our “Cornflagration” will become a reality. Look for it on Kickstarter in the future. ●
Ever been denied financing for an art project that could have changed the world? Let us know: techeye.wbj@gmail.com